BP restructures to “close performance gap”
Oil company BP has announced it will restructure its business as part of a global initiative to close a performance gap with its rivals.
BP Chief executive Tony Hayward stated in a message to staff that the company’s operations will now be made up of two business segments, Exploration & Production and Refining & Marketing. BP’s current Gas, Power & Renewables segment will be incorporated into these segments, while a separate alternative energy division will handle BP's low carbon business and growth outside oil and gas.
BP hopes
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