Shell, BP mulling over sale of oil refineries, petrol stations in Australia
Netherland's Royal Dutch Shell PLC and British petroleum company BP PLC are reportedly considering the sale of refineries and petrol stations in Australia to free up cash.
Reuters, citing an earlier report by the Australian Financial Review, said that Shell is in talks with two parties over the A$3 billion ($2.69 billion) sale of 900 petrol stations and its oil refinery in Geelong City. AFR sources said that the two parties include an unnamed large private equity firm and a consortium led by investment bank Macquarie Group.
Meanwhile, BP is examining a A$3 billion sale of its petrol stations and refineries in the state of Queensland and Western Australia, the report said.
According to Reuters, AFR said that both Shell and BP would use the cash generated for their energy production business segments.
AFR also reported market speculation that American energy corporation Chevron Corp. may follow Shell and BP and consider selling out of service stations in Australia.
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