The increase in renewables investment follows embarrassment for BP Amoco at its last annual general meeting in April. Greenpeace led a shareholder resolution calling on the firm to end all plans to develop oil reserves in Alaska's Arctic refuge nature reserve and invest the money in renewables instead. The move failed but 13% of shareholders nevertheless backed it (ENDS Daily 13 April). BP Amoco today denied that its move on renewables had been influenced by Greenpeace.
Other areas of BP Amoco's business will also see considerable increases in spending, particularly oil exploration and production, where spending will focus on deepwater oil reserves in the Gulf of Mexico and Angola as well as gas reserves in Algeria, Egypt and off the coast of Trinidad.
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