BP PLC (LON:BP) is unlocking £400mln from its UK landbank with the partial sale of leases covering 199 petrol stations.
UK pensions fund, the Universities Superannuation Scheme, has acquired 49% of the leases with BP retaining the remaining controlling ownership and will continue to operate the sites under long term contracts.
It is part of an ongoing US$25bn programme of asset sales by BP which against a backdrop of the COVID-19 pandemic and the prior slump in oil prices which leave the oil and gas ‘supermajor’ share at its lowest level.
Moreover, the sale comes close to the start of what BP reckon will be a new beginning for the company as it pursues a new model, to become an integrated energy company with some US$5bn per year of investment earmarked for renewable projects.
In London, BP shares are changing hands at 204.25p - down 8.4p or 3.95%.