BP exits solar business in China after 7-year venture fails

BP has transferred all its equity in two solar business joint ventures to China TBEA Co Ltd at zero cost.

The move shows BP's determination to exit China's solar market, indicating that the giant oil company's investment in China's solar business ended as a failure after seven years.

TBEA reported a 20.65 percent drop in its net profit to 540 million yuan in the firsat half of the year. The low profitability of PV solar products was the biggest reason behind the drop.

BP started the cooperation with TBEA in 2005 when China's solar industry was expanding rapidly and invested 48.8 million yuan or $7.7 million. 

But the industry has been hit by overcapacity, as well as anti-dumping and anti-subsidies investigations from the United States and Europe.

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https://www.china.org.cn/business/2012-10/16/content_26805447.htm