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News // Companies

Woolworths sells petrol station business to BP for $1.3 bln

28 December 2016 , 14:18Neftegaz.RU1821

Woolworths reported on December 28, 2016, that the company has agreed to sell its nationwide chain of fuel convenience sites to BP for $1.3 billion. The deal will include 527 Woolworths-owned petrol stations and 16 committed development sites.

 

The supermarket's 4 cent-a-litre discount offer and rewards programs will be expanded to some BP stations, giving motorists more places to get cheaper petrol and collect points for airline tickets.

The idea is modelled on similar BP partnerships with convenience store chains in Europe, including with Marks & Spencer in the UK and REWE in Germany.

 

The Australian Competition and Consumer Commission and the Foreign Investment Review Board need to approve of the deal.

It is expected to be completed in January, 2018, with Woolworths' existing Caltex co-branded sites continuing to operate until then.

 

The deal with BP ends the ambitions of fuel retailer Caltex, which had made an offer to buy the Woolworths service stations.

Caltex chief executive Julian Segal saying he was naturally disappointed its partnership had ended with Woolworths to supply them with fuel.

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