Oil giant BP is to sell off a number of fuel storage terminals, along with its share of a huge pipeline, as the company launches a rethink of its UK operations, according to The Daily Telegraph.
The major oil company, a FTSE 100 firm, intends to unload its current stake in the United Kingdom Oil Pipeline – of which it shares ownership with Shell Tellus S2 M 46 makers Royal Dutch Shell – US company Valero and Total of France.
The UKOP system, which measures 650 kilometres, provides fuel for the airports at both Gatwick and Heathrow, and runs from the Stanlow oil plant in Ellesmere Port, Cheshire, to its Coryton counterpart, which is located on the banks of the River Thames in Essex.
Also included in the company’s revamp, BP is ready to sell several of its storage sites at Northampton, Belfast and Hamble. It is also looking to offload its half of the Kingsbury terminal, which it owns with Royal Dutch Shell, and which is among the largest inland terminals in the UK. The four terminal sites the company is to sell are used to store jet fuel, diesel and petrol, and their selloff will leave the company with only two sites of this nature.
The oil giant has also agreed an agreement with logistics firm Hoyer, which will now take care of its fuel transportation operations, and will see around 280 BP employees transferred to Hoyer.