Energy giant BP will hold onto its Perth bitumen business but will sell the rest in the country to Puma Energy for an undisclosed amount.
BP will continue to operate its Kwinana-based bitumen production facilities for at least 18 months to supply products to Puma, who will take on all other operations and customers in the Perth market.
Puma is buying the BP Bitumen assets in Brisbane, Townsville, Altona and Hobart.
“We have decided that it is in the long-term interests of the bitumen business and its employees for it to be owned by another company who is better placed to invest in its future,” BP Australasia president Andy Holmes said.
“Our decision to sell BP Bitumen fits with our strategy of fuels growth and increased brand presence in key markets across Australia.
“It also enables us to concentrate our investment in our Australian fuels business to enhance our customer offer,” he said.
In a statement today, BP said the bitumen sale reaffirmed the company’s focus on its downstream business in Australia, which includes the Kwinana refinery in WA, as well as upgrading and expanding its retail footprint nationally.
BP plans to open over 20 new retail sites across Australia and New Zealand this year.
BP’s bitumen business employs about 35 nationally.
