BP Buys Woolworths Fuel Business in Australia for $1.3 Billion

BP Buys Woolworths Fuel Business in Australia for $1.3 Billion

Oil company BP says it has agreed to buy the fuel business of Australian supermarket chain Woolworths Ltd for $1.3 billion as part of its efforts to rebuild itself.

The deal includes 527 fuel convenience sites and 16 other development sites across Australia. That adds to the 350 BP-owned gas stations in the country, and some 1,000 other BP-branded outlets owned by independent business partners.

The deal, announced Wednesday, is subject to approval from Australian authorities and is expected to complete over the next year. Read more…

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