BP sells 300 Dutch fuel stations to Catom

BP announced on Wednesday that it had agreed to sell 300 Dutch petrol stations in order to meet its goal of selling $20 billion of assets by the year 2027. The deal value was not disclosed.

BP announced its divestment goal in February during a strategic update. It also promised to reduce debt, increase cashflow and focus more on oil and natural gas to regain investor confidence following a disastrous foray into the renewables sector.

The Dutch deal is expected to be completed by the end this year. This follows BP's sale of its Turkish petrol stations network in 2023, and a current process for selling its Austrian retail network.

The agreement covers 15 hubs for charging electric vehicles, as well as the fleet business. ?

BP previously stated that it will reach an asset sale of between $3 and $4 billion in this year. $1.5 billion had been signed or completed by the time it announced its first-quarter earnings, but it added it would provide details when it reports second-quarter earnings on July 31.

(source: Reuters)