BP fuel retail station, photo courtesy of BP

BP relying on retail

LONDON, March 29, 2017 – BP sees growth in fuel retail marketing, the company’s chief executive for the downstream segment, Tufan Erginbilgic, said in an in interview on Wednesday.

Expanding its network of petrol stations that include convenience stores, modelled on its partnerships with Marks & Spencer and retailer REWE in the UK and Germany, respectively, will be one of the area’s of emphasis, Erginbilgic told Reuters.

 

At the end of December 2016, BP bought the fuel retail business unit of Australian grocer Woolworths for USD 1.29 billion, a move the company could replicate in China, India, Indonesia and Mexico, Erginbilgic added.

At the other end of the downstream spectrum, Erginbilgic said BP would most likely cease investment in new refineries for the foreseeable future.

“Are we going to invest in more green field refining in BP? Probably not,” he was quoted as saying by Reuters, adding that the company would “sell one or two assets,” as they currently fetch a healthy price on the market.

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