Downer
ea
HomeMining Industry News BP buys Woolworths fuel business

BP buys Woolworths fuel business

Wednesday 28th of December 2016 01:03:35 PM



After months of receiving indicative proposals from several parties, Woolworths will sell its fuel business to BP for nearly $1.8 billion.

The deal includes its 527 fuel convenience sites and 16 development sites.

Woolworths had been under pressure to preserve capital after its failed home improvement venture Masters saw it post a loss of $1.2 billion in its full year results in August as well as petrol and food sales slumping.

"The release of $1.785 billion from the sale will be used to strengthen our balance sheet and reinvest in our core businesses," Woolworths chief executive Brad Banducci said in a statement to the stock exchange.

"Following extensive evaluation of the proposals received, we decided that BP's proposal met our strategic and broader commercial imperatives and in its entirety provided superior long-term shareholder value."



Read Full Story Here

Recent Related News

BP buys Woolworths fuel business

Wednesday 28th of December 2016 01:03:35 PM

After months of receiving indicative proposals from several parties, Woolworths will sell its fuel business to BP for nearly $1.8 billion. The deal includes its 527 fuel convenience sites and 16 development sites. Woolworths had been under pressure to preserve capital after its failed home ....


Discussions of alternative investments by the Federal Government after BP abandons SA project

Thursday 13th of October 2016 10:30:22 AM

After BP abandoned a billion-dollar oil project off the Great Australian Bight, the Federal Government will discuss what future projects the giant company will be considering investing in across Australia. The move by BP has frustrated South Australian Mineral Resources Minister Tom ....


BP dump plans to drill in the Great Australian Bight

Wednesday 12th of October 2016 12:26:25 PM

Plans to drill in the Great Australian Bight have been dumped by oil giant BP who proceeded to axe a proposal that raised fears of an environmental disaster to rival the 2010 Deepwater Horizon catastrophe. In a surprise move on Tuesday, BP said it would not progress with plans to drill two ....


Potential drilling sites for BP 'couldn't be more inappropriate', Wilderness Society says

Thursday 11th of August 2016 08:33:48 AM

Oil giant BP are seeking to drill four exploration wells off South Australia’s west coast, The Wilderness Society say these areas are protected sea life and it’s inappropriate to drill there. BP are looking to explore wells up to 2.5km deep, 400km west of Port Lincoln. The Wilderness ....


Exploration proposal in Great Australian Bight rejected

Tuesday 17th of November 2015 12:51:57 PM

Energy company BP has had a proposal to drill in the Great Australian Bight rejected by the National Offshore Petroleum Safety and Environment Management Authority (NOPSEMA). BP had wanted to drill four deep-water exploration wells in the Bight from 2016. The company had to demonstrate oil spill ....


Y Fronts teaser banner MiningLink prefered resume writers Civil Link Banner
Electricians EOI Mining Project
EOI from suitable Mining/Construction experienced Electricians for Project starting mid-late August 2017

Diesel Fitters Auto Electricians Fifo Out Of Townsville
Downunder Group Solutions are seeking qualified Diesel Fitters & Auto Electricians to fill a number of positions at Cloncurry

EOI Boilermakers In Townsville Needed For Mackay
If you are a trade qualified Boilermaker, happy to travel to Mackay and are demanding an excellent pay rate, express your interest by applying.

Eoi Boilermakers In Mackay
If you are a trade qualified Boilermaker living in Mackay and are after excellent pay rates, express your interest by applying.

Csa Mine Underground Cable Bolter
Seeking experienced cablebolter for CSA Mine in Cobar - 7/7 roster - camp accommodation

Black Thoated Finch Puts New Coal Mine At Risk
The controversial black throated finch is back to cause problems for Adani with a fresh legal challenge over the planned Carmichael coalmine. New advice has found the federal environment ....

Monadelphous Awarded $55M In Contracts
Monadelphous Group Limited announced on Wednesday it has been awarded a number of new work packages with a combined value of approximately $55 million. The engineering company will carry out ....

Speculation Around Rio Tinto Selling Qld Assets
There is speculation rising over a possible sale of Rio Tinto's aluminium assets in Gladstone, including Queensland Alumina Limited, Boyne Smelter Limited and Rio Tinto Yarwun. According to The ....

Capricorn Copper Secures $45M Funding For Qld Mine
Capricorn Copper Pty Ltd has signed an Agreement with BNP Paribas for A$45 million to restart its mine in Northwest Queensland. The funding will go towards the refurbishment and restart project of ....

Census Reveals Population Change In Qld Mining Communities
Mining communities across the Bowen Basin in Queensland have seen a decrease in population in the past five years. While Moranbah, Dysart and Clermont has only seen a marginal drop, Hail Creek and ....

Downer Group