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BP, the British Oil major, said it is refocusing the company on its core oil and gas business and reducing investments in clean energy.

The energy giant said it would cut planned investment in clean energy and redirect spending toward fossil fuels.

In addition to divesting $20 billion of assets, BP plans to slash investments in renewables and boost growth elsewhere.

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BP said it would increase annual oil and gas spending to $10 billion and cut planned annual investment in energy transition businesses by more than $5 billion.