UK's BP to divest global LPG bottles, tank filling operations

07 February 2012 10:42  [Source: ICIS news]

SINGAPORE (ICIS)--UK’s oil and gas major BP said on Tuesday it is planning to divest its liquefied petroleum gas (LPG) bottles and tank filling operations in Europe, China and South Africa, as well as its non-refinery integrated wholesale business.

The LPG bottles and tank filling operations in Europe are in Portugal, the UK, Austria, Poland, Netherlands, Belgium, Turkey, the company said in a statement.

BP’s LPG storage terminals, bottle filling plants, customer lists, operating licences and logistics assets will also be included in the sale, the company said.

“We expect to complete any deal by the end of 2013, subject to regulatory and other approvals,” BP said.

The company said it decided to sell the operations following a review of its LPG portfolio last year.

“It was felt that the business would offer greater opportunities for other companies wanting to invest allowing BP to continue to focus its refining and marketing businesses where it has leading market positions it can sustain and grow in the long-term,” BP said.

But the company plans to retain its autogas business in Europe and move it into the firm’s fuels value chains business.

The energy major also intends to maintain its LPG wholesale outlets to support its refinery operations.

By: Nurluqman Suratman

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