BP is up more than 1% after an executive there told Reuters the company had no plans to build new refineries; instead, it would focus on modernizing existing plants while expanding its network of filling stations to generate $3 billion in additional cash. “Are we going to invest in more greenfield refining in BP? Probably not,” said Tufan Erginbilgic, who has worked in refining since 1990, according to Reuters.
He said BP was happy with its refining portfolio although it could sell some assets in downstream – which combines refineries with chemicals plants and infrastructure such as storage, the story said. He also said he wants to expand BP’s trading activities using long-term deals on third-party oil and products, the report said.