BP allocates funds for renewable energy

Abu Dhabi: Global energy major, BP is allocating around 10 per cent of its capital investments in alternative fuel technologies and developing renewable energy sources, the chief executive of BP's Alternative Energy said yesterday.

Vivienne Cox told reporters in Abu Dhabi that though the percentage is relatively small compared to other investments by BP in conventional energy, it's growing.

"Our investments in alternative energy sources include solar, wind, biofuels, carbon capture and storage," said Cox, who's here to attend the second edition of the World Future Energy Summit.

"The investments are a mixture of debt and equity," Cox added.

BP announced in 2005 that it planned to invest as much as $8 billion (Dh29.38 billion) in alternative energy over the next 10 years.

Cox wouldn't comment on how much investment BP has committed so far to alternative energy.

BP from its operations worldwide, produces about four million barrels of oil and gas equivalent a day. From the Middle East, the company's share of production is close to 230,000 barrels per day.