BP INVESTS IN NEW TECHNOLOGIES WITH THE US FIRST RESERVE FUND.

Europe Energy, March, 2001

The British oil giant BP Amoco has unveiled an alliance with the American investment fund First Reserve to "stimulate the development of new technologies in the energy sector. BP Amoco, which posted a record profit of more than USD14 billion for 2000, will identify technologies being developed by small companies and presenting the greatest interest for its activities, according to a joint statement from the two groups.

First Reserve, one of America's leading investment funds specialising in the energy sector, will take stakes in the companies selected by the British group. BP vice Chairman Andrew Mackenzie indicated that this is an entirely new approach for First Reserve and BP, but that it will enable the two groups to work with small and medium-sized...

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