LONDON (ShareCast) - Oil explorer BP has agreed to sell its ground fuels marketing business in Greece to Hellenic Petroleum (Munich: 914999 - news)
for €359m.
The deal is subject to certain conditions, including regulatory approvals, and is expected to be completed towards the end of the year with the sale of BP Hellas shares.
The sale covers the 1200 BP branded sites in the country, which are mainly dealer owned, and the distribution network of fuel deliveries to the sites and wholesale customers.
"BP regularly reviews its portfolio and makes choices to optimise the resource allocation within its strategic and financial frameworks. In this instance it was decided that BP was no longer the natural owner of the fuels value chain business in Greece," said Sotiris Christoyannis, BP Hellas Managing Director.
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