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Adnoc decided move was not right fit but it is latest sign of foreign buyers circling UK firmsAbu Dhabi’s state-owned oil company reportedly recently explored a multibillion-pound bid for BP in a sign that depressed share values in London are making even the biggest British businesses takeover targets.Abu Dhabi National Oil Company (Adnoc) considered options including purchasing BP or acquiring a large stake before...

China’s Longi looks to slash costs as renewable energy sector faces tough headwinds from inflationThe world’s largest solar manufacturer has slashed nearly a third of its workforce after a cost-cutting drive that included telling staff to only print in black and white fell short and as a chill ripples through the renewable energy sector.China’s Longi is to cut as much as 30% of its...

Firm told it must take responsibility for toxic legacy of pollution and safe decommissioning of abandoned oil infrastructureThe oil firm Shell cannot be allowed to withdraw from the Niger delta before it takes responsibility for its toxic legacy of pollution and the safe decommissioning of abandoned oil infrastructure, a report says.Shell plc is preparing to divest from the delta but a report warns that...

Oil and gas company criticised by campaigners as it plans more share buybacks to return cash to investorsBusiness live – latest coverageProfits at the energy company BP halved last year to nearly $14bn (£11bn), but were better than expected after weaker oil and gas market prices caused revenues to slump across the industry.BP said it would return more cash to investors with $3.5bn of...

Plan to raise shareholder payouts by 4% follows surprise $7.3bn profit in final quarter despite fall in gas pricesShell will raise its shareholder dividends by 4% this year despite a 30% fall in its full-year profits to $28.3bn (£22.37bn) for 2023 as global oil and gas market prices began to ease.The oil company handed its shareholders $23bn in payouts last year, and plans to...

Former finance chief to replace Bernard Looney, who departed unexpectedly last yearBusiness live – latest updatesThe oil company BP has appointed its former chief financial officer, Murray Auchincloss, as its new chief executive after the shock departure of Bernard Looney last year.BP said Auchincloss, who has acted as interim chief executive since September, would take up the permanent role with immediate effect. He succeeds...

French energy company to invest a further £1.3bn in its British nuclear fleet up to 2026EDF Energy is planning to extend the life of four nuclear power stations in the UK and step up investment in its British nuclear fleet.The French energy company said it would make a decision on whether to extend the life of the four UK plants with advanced gas-cooled reactors...

Brent crude is up 1.7% to $78.32 a barrel as hopes of strong demand in China also push up pricesBusiness live – latest updatesOil prices have risen sharply after Iran rejected calls to end support for attacks by Houthi rebels on vessels in the Red Sea and sent a warship to the vital trading route.In the first trading session of the new year, Brent...

Stanlow operator Essar stopped all imports of Russian fuel in 2022 but has arrangement with LitascoThe owner of one of Britain’s biggest oil refineries has extended a loan facility with an arm of an oil company founded and part-owned by a Russian billionaire who is under sanctions.Essar Oil (UK), which owns and operates the Stanlow oil refinery on Merseyside, stopped all imports of Russian...