British energy major BP will exit the Australian Renewable Energy Hub (AREH) in Pilbara, Australia, as it pivots to instead refocus on fossil fuels.
The hub, which was originally expected to deliver 26GW of solar and wind power by 2029, is slated to produce 1.6 million tonnes of green hydrogen and nine million tonnes of green ammonia per year at full scale.
However, the future of the hub is now uncertain given the exit of its majority shareholder. BP has held 63.7% of the AREH shares since 2022 and had previously called the hub a “cornerstone project” for it to help its customers and partners meet their net-zero commitments.
The company said the decision reflects its recent strategy reset, which will see BP grow its upstream oil and gas business, focus its downstream business, and invest with “increasing discipline” into the transition, according to the Australian Broadcasting Corporation.
Earlier this year, BP announced…
