CANBERRA: Energy giant BP is selling its Australian bitumen business to a global firm as it focuses on its refineries and expanding of fuel retail operations.
Puma Energy will take control of sites in Brisbane, Townsville, Altona and Hobart, while BP will operate its Perth bitumen facility for at least another 18 months.
The bitumen business employs 35 staff.BP has been selling off assets around the world following the catastrophic Gulf of Mexico oil spill in 2010, and recently announced further restructuring in response to plunging oil prices.
In Australia, BP announced the closure of its Bulwer Island oil refinery in Queensland in 2014, and is placing greater emphasis on the marketing of its fuel products.BP Australasia president Andy Holmes said the bitumen sale fits with that strategy.
‘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,’ he said.In order to build a leading competitive position, we will continue to make changes to our business across Australia and New Zealand.’The sale is subject to regulatory approval and is planned to be completed by mid-2015.
