BP wants to expand its investment in China “by several times”, its chief executive has said, setting out his ambitions to grow in the country expected to undergo the world's biggest increase in demand for oil over the next two decades.
Tony Hayward, who took over as BP's chief executive last year, said in a speech in Beijing that the company could “help China in its endeavour of energy security by energy diversity”.
BP, which is Europe's second-biggest oil group, has invested $4.6bn in China, but like other western oil companies including Royal Dutch Shell, ExxonMobil and Total has made only limited progress.
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