Key Takeaways:
BP agreed to sell its Austrian mobility, convenience and electric vehicle charging businesses to Volenergy AG, extending a retreat from European retail markets as the British oil major refocuses on oil and gas investments.
"The transaction supports bp's plan to become a simpler, stronger and more valuable company," Richard Harding, interim executive vice president of downstream at BP, said in a statement Monday.
The deal includes 250 BP-branded retail sites, of which about 115 are company-owned and franchise-operated, along with EV charging infrastructure and the associated fleet business. BP is selling 100% of its shares in BP Retail Austria GmbH and its stakes in three non-operated joint ventures. Financial terms were not disclosed.
The divestiture is the latest in a series of European exits for BP, which sold its mobility and convenience businesses in the Netherlands in 2025, Turkey in 2024 and Switzerland in 2022. The Austrian transaction is expected to close by the end of 2026, subject to regulatory approvals. Retail sites will continue operating under the BP brand through a license agreement after completion.
Volenergy AG, which operates Switzerland's largest fuel station network with more than 730 locations, previously acquired BP's Swiss retail network in 2022. The company is part of the Volare Group AG.
"BP has built a strong mobility and convenience business in Austria over many decades and we believe Volenergy AG is well placed to take it forward," said Melanie Milchram-Pinter, head of country Austria at BP. "Our priority now is to support our people, keep serving customers safely and reliably, and manage the transition well."
The sale aligns with BP's strategy to simplify its portfolio, reduce costs and redirect capital toward oil and gas investments, a shift the company has accelerated as it seeks to strengthen its balance sheet. The Austrian exit removes 250 retail locations from BP's European network, following similar disposals in three other countries since 2022.
This article is for informational purposes only and does not constitute investment advice.
