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BP Solar CEO shifts strategy

BP P.L.C. revealed it will focus on enriching its solar business operations this year. It once held a sizeable portion of the solar panel market, but is now under siege from cheaper products by Asian manufacturers. โ€œThe time has come for solar to be treated as any other energy business,โ€ said its new Chief Executive Officer Reyad Fezzani. BP will sell solar panels and manage big solar development projects, in an attempt to drive up profits. The company will still make solar panels, but it is shifting production increasingly to third parties in Asia to drive down costs. BP Solar had recently landed a deal to put solar panels in 10 to 20 Wal-Mart and Samโ€™s Club stores, after completing a successful pilot project with the retailer last year. (May 1, 2009)