LONDON, May 16 (Reuters): BP plans to dismantle its pipeline gas trading team, as the oil major focuses on expanding its liquefied natural gas (LNG) trading, two sources familiar with the matter said.
BP will lay off around 20 people on its pipeline gas unit and will fold the remaining employees into the company's fast-growing LNG book, the sources said. The move underscores a broader shift since 2022, when Europe pivoted away from Russian pipeline gas and toward LNG.
BP declined to comment.
European majors have spent decades building large trading desks to profit from price gaps across regions, time periods and derivatives markets. That has enabled them to turn volatility into outsized earnings and generate billions during recent supply crises - including the latest Iran?driven disruption - often outperforming more cautious U.S. rivals.
BP to cut pipeline gas trading team
FE Team | Published: May 16, 2026 22:23:38
BP to cut pipeline gas trading team
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