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BP May Ditch Renewable Energy Business

Feb. 28, 2008 - BP chief executive John Hayward has hinted he may offload his company's alternative energy unit, noting that hefty investments in solar, wind, and biofuels have yielded poor returns for shareholders, Reuters reports. Speaking at a strategy meeting yesterday, Hayward suggested that if businesses in BP's green unit - valued between $5 and $7 billion - fail to turn a profit soon, some or all may be sold off as the company shifts its focus to locating new oil and gas reserves.