(Bloomberg) -- BP Plc plans to sell all of its road fuel stations and charging hubs for electric cars in the Netherlands, citing limited growth opportunities in the country.
The British oil giant is selling 310 gas stations and 25 charging hubs as a package, a spokesperson said on Tuesday. The company said it faces significant capital investments to grow the business in the country and wants to focus on other markets.
BP’s profit has been under pressure from weaker oil and gas prices this year. The firm said last week that it will review the pace of its share buybacks next year after its net debt increased nearly 8% in the third quarter to $24.3 billion, the highest level since the beginning of 2022.
The company aims to complete the sale of its Dutch fuel stations by the end of next year, according to the spokesperson. BP will remain active in the Netherlands because its refinery in Rotterdam, lubricants business Castrol, and the division that produces aviation fuel will not be included in the sale. The news was first reported by Dutch newspaper Algemeen Dagblad.
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