(CercleFinance.com) – bp announced on Monday that it had reached an agreement to acquire Archaea Energy, an American producer of renewable natural gas, for an amount of 4.1 billion dollars.
In a press release, the oil group qualifies the operation as “strategic”, insofar as bioenergies constitute one of its five priority areas of development for the next ten years.
The Anglo-Dutch company recalls that it intends to devote more than 40% of its investments to its so-called ‘transition’ activities by 2025, a figure which should reach 50% by 2030.
The acquisition of Archaea, for 3.3 billion dollars in cash and 800 million euros in net debt, should enable it to strengthen its position in the American biogas market.
Renewable natural gas – which can easily replace the consumption of fossil gas – can be used for heating buildings, industrial processes in factories and supplying combustion engines of vehicles running on natural gas.
Copyright © 2022 CercleFinance.com. All rights reserved.
Did you like this article ? Share it with your friends with the buttons below.
