Latest news with #fueldistribution
Reuters
09-07-2025
- Business
- Reuters
BP sells 300 Dutch petrol stations to Catom
VIENNA, July 9 (Reuters) - BP (BP.L), opens new tab has agreed to sell its 300 Dutch petrol stations to Dutch fuel distribution and trading company Catom as part of its plan to divest $20 billion worth of assets by 2027, BP said on Wednesday, without giving a deal value. BP set itself the divestment target during a strategy update in February alongside promises to slash its debt and increase cashflow with a bigger focus on oil and gas in a bid to shore up investor confidence after an ill-fated foray into renewables. The Dutch deal, which is expected to close by the end of this year, comes after BP sold its Turkish petrol station network in 2023 and while a sale process for its Austrian retail network is ongoing. It covers the petrol stations, 15 electric vehicle charging hubs and the associated fleet business. BP has previously guided it is set to reach asset sales of $3 billion to $4 billion this year, with $1.5 billion signed or completed when it reported first-quarter results, adding it would give details at second-quarter results on July 31.
Yahoo
25-06-2025
- Business
- Yahoo
Parkland shareholders approve Sunoco's $9.1B acquisition
This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. Parkland Corp.'s shareholders 'resoundingly approved' the company's $9.1 billion sale to oil and energy firm Sunoco on Tuesday, a spokesperson from Sunoco said in a statement to C-Store Dive. Over 93% of Parkland's shareholders voted in favor of the sale, Sunoco's spokesperson said. Shareholders voted at Parkland's annual meeting, which was rescheduled from early May to June 24 when the deal was announced last month. This marks the end of a tumultuous past few years for Parkland, which has endured long-term underperformance on both the fuel and c-store fronts since early 2023, culminating in a board takeover bid from its largest shareholder and its CEO announcing his resignation earlier this year. The boards of directors from both companies unanimously approved the deal when it was announced the first week of May, with former Parkland CEO Bob Espey calling it a 'significant milestone' at the time. Now that the deal has been approved by shareholders, Sunoco will form a new publicly traded company named SUNCorp, LLC, and will retain headquarters in Parkland's home base of Calgary, Alberta. The combined company will have an enterprise value of about $25.5 billion and become the largest independent fuel distributor in the Americas. The combined entity will also have nearly 300 company-operated convenience stores in the U.S., as well as thousands more across the rest of North America, mainly in Canada. It's still unclear what Sunoco intends to do with its newly acquired c-stores, especially since Sunoco has publicly touted Parkland's fuel supply assets as the driving force behind the bid. The deal was a long time coming for Sunoco, which tried to acquire Parkland two previous times in 2023. Parkland rejected those offers, but reopened negotiations after commencing its strategic review this past March. Sunoco's final $9.1 billion offer was for $44 per share, which represented a 25% premium from Parkland's shares at the time. Sunoco has shared few details on who will run SUNCorp., although it's expected to terminate each of Parkland's executive officers who remain with the company after closing. The removal of Parkland's leaders will also include its board of directors, as only one of its current members — whom Sunoco has not yet named — is expected to join SUNCorp's newly formed board for 12 months. Recommended Reading Parkland's big moment has arrived Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
24-06-2025
- Business
- Reuters
Parkland shareholders vote for $9.1 billion acquisition by Sunoco
June 24 (Reuters) - Parkland Corp ( opens new tab shareholders on Tuesday voted in favor of a $9.1 billion deal to be acquired by U.S.-based Sunoco (SUN.N), opens new tab. The company said 93.46% votes were for the deal, which will create America's largest independent fuel distributor. Sunoco in May agreed to buy Parkland in a cash and stock deal, which included debt. Sunoco had said each Parkland share will be exchanged for C$19.80 in cash and 0.295 Sunoco unit. The Canadian firm had undertaken a strategic review in March following persistent pressure from two of its largest shareholders Simpson Oil, which holds a nearly 20% stake, and activist investor Engine Capital. Sunoco will also be acquiring Parkland's 55,000-barrel-per-day Burnaby refinery, which produces 25% of the transportation fuel used in Canada's westernmost province of British Columbia. The transaction is expected to close in the second half of the year.
Zawya
16-06-2025
- Business
- Zawya
Nigeria's Dangote refinery to supply fuel directly, challenging local traders
The Dangote Oil Refinery will in August begin directly begin supplying fuel to retail stations, manufacturers, telecoms firms, and other large users, a move that could enhance supply but puts it in direct competition with local fuel traders. Africa's biggest refinery with 650,000 bpd capacity began processing gasoline for the local market last year and has allowed local fuel traders lift products from its refinery. Now it seeks to take on distribution. To facilitate the undertaking, the refinery said in a statement on Sunday that it had procured 4,000 new Compressed Natural Gas (CNG)-powered trucks, and will build over 100 CNG refuelling stations across the country. The refinery said it will also offer a credit facility, allowing purchases of 500,000 liters to access an additional 500,000 liters on credit for two weeks under bank guarantee. Dangote's planned deployment of 4,000 trucks is more than double the number of trucks currently in operation and this is unsettling local fuel traders. "In one fell swoop, he's trying to wipe us out," said Billy Gillis Harry, head of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN). The group comprising over 6,700 members said introducing cheaper CNG trucks poses a threat to the livelihood of truckers and will erode the businesses of traders supplying the telecom companies, retail stations and industries. (Reporting by Isaac Anyaogu; Editing by Chizu Nomiyama )
