LONDON (dpa-AFX) - BP Plc (BP), a British oil and gas company, on Wednesday, announced that it has agreed to sell its Mobility & Convenience and BP Pulse businesses in the Netherlands to Catom Ltd.
The deal is part of the company's $20 billion divestment plan. The divestment is expected to close by the end of 2025.
The sale might help its ongoing strategy to reshape and strengthen downstream operations by focusing on key integrated areas.
The deal covers around 300 BP-owned or branded retail sites, some equipped with EV charging stations, along with 15 operational BP Pulse EV charging hubs, eight more under development, and the company's Dutch fleet business.
In its first-quarter 2025 results, the company had expected to generate $3 to $4 billion from divestments this year, with $1.5 billion already signed or completed as of that update.
The company plans to share further progress in its second-quarter results.
Catom,a growing fuel and lubricants distributor in the Netherlands targets the acquisition of BP's assets to expand its OK retail network to over 400 sites.
In the pre-market trading, BP is 0.62% higher at $31.47 on the New York Stock Exchange.
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