Energy giants divest oil and coal as smaller fish vacuum crumbs
Smaller energy sector companies are buying up divested black energy assets offloaded by the big players based on projections that fossil fuels will remain a leading global energy source for year to come.
BY RITZAU FINANS
Major oil companies like BP and Royal Dutch Shelll are selling off assets worth billions of dollars these days to gain economic insulation and cut their carbon emissions. Meanwhile, mining groups like Anglo American and Rio Tinto are increasingly ditching coal projects, however, numerous smaller players are picking up the pieces, reports Wall Street Journal.
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