BP agrees sale of Austrian retail business to volenergy
BP PLC on Monday said it has agreed to sell its mobility, convenience and electric vehicle charging businesses in Austria to volenergy AG, as the energy major continues to streamline its downstream portfolio.
Financial terms of the transaction were not disclosed.
The deal includes 250 BP-branded retail sites across Austria, around 115 of which are company-owned and franchise-operated, as well as the associated fleet business and electric vehicle charging infrastructure.
Volenergy is part of Switzerland's Volare Group AG.
BP will sell its entire stake in BP Retail Austria GmbH through a share sale. The transaction also includes the company's interests in three non-operated joint ventures: Erdol-Lagergesellschaft mbH, Autobahn-Betriebe Gesellschaft mbH and TLM Tanklager Management GmbH in Linz.
The London-based oil major said the sale supports its strategy of becoming a "simpler, stronger and more valuable company" through disciplined capital allocation.
Interim Executive Vice President for Downstream Richard Harding said: "By concentrating our capital on the assets and markets where BP can be most competitive and best serve customers, we are strengthening our balance sheet and creating a stronger downstream portfolio."
Head of Country Austria Melanie Milchram-Pinter said BP had built "a strong mobility and convenience business in Austria over many decades" and that volenergy was "well placed to take it forward."
The transaction is expected to complete by the end of 2026, subject to regulatory approvals.
Following completion, the Austrian retail sites will continue operating under the BP brand under a brand licence agreement.
The agreement follows BP's disposal of its mobility and convenience businesses in the Netherlands in 2025, Turkey in 2024 and Switzerland in 2022.
BP is targeting a net debt of USD14 billion to USD18 billion by end 2027, which will be aided by a USD20 billion divestment program.
BP said its Austrian aviation business, Air BP, and Castrol lubricants business are not included in the transaction.
Shares in BP were marginally higher at 522.10 pence in London on Tuesday morning.
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