BP p.l.c. (LSE:BP.) is planning to buy "a major stake" in the 26-GW Asian Renewable Energy Hub (AREH) project in Pilbara, Western Australia, The Australian reported earlier this week. The UK oil and gas group has allegedly negotiated the deal with the project partners - green fuels company Intercontinental Energy, renewable energy projects developer CWP Global, wind turbine maker Vestas Wind Systems A/S (CPSE:VWS) and Macquarie Group Limited (ASX:MQG) . People familiar with the matter have told the daily that BP has also agreed to become the project's operator once the deal is finalised.

According to The Australian, BP is likely to buy a 30% interest in the project. The acquisition was expected to be announced at the World Hydrogen Summit held this week in Rotterdam.