bp sells 300 Dutch petrol stations to Catom
bp has agreed to sell its 300 Dutch petrol stations to Dutch fuel distribution and trading company Catom as part of its plan to divest $20 B worth of assets by 2027, bp said on Wednesday, without giving a deal value.
bp set itself the divestment target during a strategy update in February alongside promises to slash its debt and increase cashflow with a bigger focus on oil and gas in a bid to shore up investor confidence after an ill-fated foray into renewables.
The Dutch deal, which is expected to close by the end of this year, comes after bp sold its Turkish petrol station network in 2023 and while a sale process for its Austrian retail network is ongoing.
It covers the petrol stations, 15 electric vehicle charging hubs and the associated fleet business.
bp has previously guided it is set to reach asset sales of $3 B–$4 B this year, with $1.5 B signed or completed when it reported first-quarter results, adding it would give details at second-quarter results on July 31.
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