By David Winning
SYDNEY--BP PLC (BP) has agreed to buy the fuels business of Woolworths Ltd. (WOW.AU) for 1.79 billion Australian dollars (US$1.29 billion), in the latest move by the British oil company to rebuild following the deadly Deepwater Horizon disaster.
The deal adds 527 gas stations and 16 development sites to BP's retail footprint that already spans around 1,400 sites in Australia. BP also owns the Kwinana oil refinery in Western Australia state, and stakes in the active North West Shelf liquefied natural gas facility and proposed Browse gas-export venture.
Woolworths, which has been grappling with falling profit margins in its core supermarket business, said in September that it was considering the sale of its fuels business, and that several companies had made conditional bids.
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(END) Dow Jones Newswires
December 27, 2016 16:43 ET (21:43 GMT)
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