BP could sell some or all of its green business

Company plans to double LNG output by 2014

LONDON


BP intends to expand its Alternative Energy business “predominantly for its equity value,” Hayward said.

The green unit, much prized by Browne, is worth between $5 billion and $7 billion, based on market valuations for similar companies, Hayward said.

“As we go forward we will be looking at how best we can realize that growing value for our shareholders,” he said in comments provided to the London Stock Exchange from the briefing.

Selling all or part of the business would drop a key plank of Browne’s strategy, the rebranding of the former British Petroleum under the “Beyond Petroleum” slogan.

AP