(Reuters) – BP said on Thursday it plans to sell its mobility and convenience business in Austria, as the oil giant reshapes its portfolio under CEO Murray Auchincloss’ reset strategy.
The scope of sale includes more than 260 retail sites across the country, its associated Austrian fleet business, electric-vehicle charging assets and BP’s shares in the company operating the Linz fuel terminal non-operated joint venture.
“As BP now looks to focus downstream and reshape our portfolio, we believe that a new owner will be best placed to unlock the business’ full potential,” said Emma Delaney, EVP, customers and products at BP.
The oil major had laid down a strategy shift in February, under which it planned a $20 billion disposal programme through 2027 as it looks to cut back on renewables while increasing spending on oil and gas.
Marketing process for the Austrian assets will begin immediately, with a sales agreement targeted by the end of the third quarter, the company said.
(Reporting by Yamini Kalia in Bengaluru; Editing by Savio D’Souza and Shilpi Majumdar)
