BP to sell Greece fuel marketing business to Hellenic Petroleum

30 Jun 2009

BP has agreed to sell its ground fuels marketing business in Greece to Hellenic Petroleum for €359m ($500m) subject to various adjustments at closing.

The deal is subject to certain conditions, including regulatory approvals, and is expected to be completed towards the end of the year with the sale of BP Hellas shares.

The sale covers the 1,200 BP branded sites in the country, and the distribution network of fuel deliveries to the sites and wholesale customers.

BP will still have a significant presence in Greece as the automotive, industrial and marine lubricants businesses, BP Solar and Air BP will continue to operate as part of the BP Group.

Sotiris Christoyannis, BP Hellas managing director said: "This historic agreement brings new opportunities for the development of our dealers, our partners and our staff. Hellenic Petroleum is the most important group in the Greek oil market, and their investment strategy guarantees a successful future. It combines the strengths of two major companies in the energy arena so that an ambitious growth programme can be materialised for the benefit of the Greek customers.

Explaining the reason to divest the business, Christoyannis said, "BP regularly reviews its portfolio and makes choices to optimise the resource allocation within its strategic and financial frameworks. In this instance it was decided that BP was no longer the natural owner of the fuels value chain business in Greece."