Energy group says it 'can't make any money' from selling panels despite spending $20bn annually on oil and gas developments.

This article titled “BP axes solar power business” was written by Terry Macalister, for guardian.co.uk on Wednesday 21st December 2011 14.05 UTC

BP has taken the axe to its solar power business, saying it “can’t make any money” from selling panels at a time when it continues to spend $20bn annually on oil and gas developments.

The energy group, which once promised to move “beyond petroleum”, was an important player in solar but has over the last three years gradually closed its panel factories and made around 1,750 workers redundant.

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