23rd Aug 2022 11:32
BP PLC - London-based oil major - On Monday notes its subsidiary Castrol Ltd signs a three-year strategic collaboration agreement with Shenzhen-based manufacturer BYD China. Goal is to "enhance the supply and promotion of Castrol ON advanced electric vehicle fluids for BYD’s zero-emissions vehicles", and it builds on the existing first-fill agreement, it says. Castrol says BYD sold 600,000 electric vehicles last year.
"This is an important milestone in the development of Castrol's new energy business in China. This strategic cooperation with BYD China will help us pursue EV opportunities in both first-fill and service-fill, underpinning Castrol's leading position in the China EV market," says Mike Zhang, vice president of Castrol China.
BP recently has been increasing its investment in electric vehicles. Three weeks ago, it said it will invest up to GBP50 million in a new electric vehicle battery testing centre and analytical laboratory in Pangbourne, South East England. In July, BP said it will invest EUR1 billion, alongside Bilbao, Spain-based utility company Iberdrola SA, in EV charge points across Spain and Portugal.
Current stock price: 454.74 pence, up 1.3% on Tuesday
12-month change: up 54%
By Tom Budszus; [email protected]
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