The new black gold? Big Oil bets on retail networks in an electric era
For Big Oil, coffee and chocolate could be the new black gold. Under pressure from investors and governments alike to cut emissions, major European oil companies are ploughing billions into renewable energy but are struggling to craft business plans that promise the returns shareholders have come to expect.
Europe`s big oil firms, however, have another card to play: their vast global networks of filling stations.
BP, Royal Dutch Shell and Total all say they are betting on higher profits from sales of groceries and snacks at their retail networks, which will still be an essential port of call for motorists in an electric era.