Oil major BP has announced that it has agreed to sell its network of retail sites and associated fleet in the Netherlands to Catom.
The deal involves around 15 electric vehicle (EV) charging hubs, around 300 retail sites that are either owned by BP or bear the company brand, and the fleet that services them. Assuming the deal gets regulatory approval, it is expected to complete by the end of the year. It will take Catom’s OK retail network to over 400 sites.
Catom was established in 1998 and has rapidly grown to become a prominent player in the fuel and lubricant market in the Netherlands.
BP Executive Vice President Emma Delaney said that BP had built up a strong business in the Netherlands for convenience and other retail, adding:
“…but as we look to focus our downstream as part of a reset BP, we believe a new owner is best placed to take our Dutch business forward. We are working together with Catom to deliver a smooth and swift completion with minimal disruption on our people and customers.”
BP says the sale contributes to its $20 billion divestment strategy, which also includes the potential sale of the Castrol coolant and lubricant business. The company has been seen as underperforming recently, leading to pressure from investors and speculation that it may be targeted for an acquisition. BP says that its divestment strategy will enable it to better focus its downstream position on high-grade integrated opportunities while cutting its debt.
