British oil giant BP wants to invest up to ten billion euros in Germany

British oil giant BP plans to invest up to ten billion euros (roughly CZK 246 billion) in low-carbon fuels, renewable energy and electric vehicle charging in Germany by the end of the decade. It wants to compete with local companies as competition in the energy transition in Europe’s largest economy intensifies. Reuters reported this today.

Germany is one of several countries targeted by BP as part of its strategy to transition from fossil fuels to low-carbon fuels and electricity. In Germany, BP plans to focus on expanding its local network of fast-charging stations for electric vehicles, decarbonising refineries and developing wind power. The company is also considering setting up a local import hub for low-carbon hydrogen.

„It’s about refineries, Germany’s largest network of filling stations, existing business relationships and strong brands,“ said Patrick Wendeler, head of BP Europa.

„These are all excellent assets that we can build on and that others do not have in this form. That is an advantage,“ he added.