Fuel giant BP has shifted focus away from oil refining, selling 20% of its New Zealand Refining Company stake. BP also will sell Forties Pipeline System to Ineos, energy producer. This raised concerns for the Unite union which pleaded with Scottish and Westminster parliaments to look into the sale citing this as a bad deal for Scotland and the UK. BP started buying Woolworths’ fuel businesses in a $1.8 billion deal. Woolworths chief executive Brad Banducci is happy with the deal while BP investors question if this is the right path for BP as a whole.
- Fuel maker and retailer BP has hailed divestment from refining worries with a specific end goal to put resources into their retail outlets.
- In charge of 40% of UK oil generation, the Pipeline transports by and large 450,000 barrels of oil for every day.
- BP additionally started the procedure of a $1.8 billion arrangement a year ago to buy Woolworths’ marked fuel organizations.
“BP recently sold half of its 20% stake in the New Zealand Refining Company Limited, amidst reports of portfolio tightening.”