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BP considers selling minority stake in offshore wind division

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BP is exploring the sale of a minority stake in its offshore wind division to offset the substantial development costs associated with its projects, as reported by Reuters. This move follows shareholder pressure over BP’s 2020 energy transition strategy, as profits from renewables have fallen while oil and gas margins have risen. The company has engaged Bank of America to identify potential partners as it seeks to reduce its financial burden in the growing offshore…

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OMV Petrom enters renewable energy sector with acquisitions in Romania

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OMV Petrom has made its entry into the renewable energy market by acquiring a 50% stake in Electrocentrale Borzești from RNV Infrastructure and additional assets from Renovatio Group, totalling a capacity of nearly 1GW. The acquisitions, approved by Romania’s Competition Council, include two operational wind farms in eastern Romania (16MW) and a micro-hydro power plant in the northwest (2MW). OMV Petrom will also collaborate with RNV Infrastructure to develop further renewable projects in northeastern Romania,…