FRANKFURT/LONDON - BP plans to invest up to 10 billion euros in low-carbon fuels, renewables and EV charging in Germany by the end of the decade to rival local power firms, as competition over the energy transition of Europe's largest economy intensifies.
"We are talking about refineries, we are talking about the largest petrol station network in Germany, we are talking about existing business relationships, about strong brands," Patrick Wendeler, who chairs the board of BP Europe, told Reuters. BP plans to spend $55 billion to $65 billion on its new transition businesses between 2023 and 2030, when the sum will equal its investment in oil and gas.
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