BP to Sell Australia Bitumen Business to Puma Energy

   By Robb M. Stewart 
 

MELBOURNE, Australia--BP PLC (BP.LN) has agreed to sell its Australian bitumen business to Puma Energy as it seeks instead to invest in its fuels operation in the country.

The energy company said Friday it expects to complete the sale by the middle of the year, subject to regulatory approval, which will make Puma Energy the operator of sites in the cities of Brisbane, Hobart, Townsville and Altona. The business specializes in producing and supplying products for the Australian road-maintenance and construction industries. BP didn't disclose the financial terms of the sale.

BP said it would continue to operate its Kwinana-based bitumen production facilities for at least another 18 months, supplying bitumen to Puma Energy, which would take on all other operations and customers in the west-coast Perth market.

In late 2013, Singapore-based Puma Energy bought Caltex Australia Ltd.'s (CTX.AU) bitumen business in an effort to strengthen and diversify its position in Australia.

Write to Robb M. Stewart at [e-mail]

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