LONDON: BP’s trading arm made nearly US$4bil (RM16.44bil) in 2020, according to a copy of an internal BP presentation seen by Reuters, almost equalling the record trading profit in 2019 despite the collapse in oil demand caused by the pandemic.
Trading revenue for majors such as BP and rival Royal Dutch/Shell shielded them from the full impact of the worst recession to hit the modern energy industry, helping finance their shift towards a new business model in a lower carbon economy.
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