BP to buy US renewable gas company for $4.1bn ...Qatar

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BP to buy US renewable gas company for $4.1bn
source : Gulf Times ( Qatar ) () 23
BP has agreed to buy US renewable gas producer Archaea for $4.1bn to help the British oil giant reach net-zero carbon emissions by 2050, the pair said yesterday. The London-listed energy major is flush with cash after recent surges in oil prices that have triggered calls for the cash-strapped UK government to massively enlarge a windfall tax on British energy giants. Chief executive Bernard Looney said in a statement yesterday that the acquisition of Archaea would create “a real leader in the biogas sector, and support our net-zero ambition”. Houston-based Archaea produces renewable natural gas equivalent in amount to about 6,000 barrels of oil per day. BP will pay $3.3bn in cash plus aroun

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