BP PLC signed an agreement to divest its retail and electric vehicle (EV) charging businesses in Austria to Volenergy AG as part of its simplification drive.
The sale to Volenergy, part of Switzerland-based diversified company Volare Group AG, includes 250 BP-branded retail sites of which 115 are owned by BP and franchise-operated, BP said in a statement.
“Retail sites in Austria will continue to operate under the BP brand through a brand license agreement following completion which is expected at the end of 2026, subject to regulatory approvals”, BP said.
The transaction, via the transfer of BP’s 100 percent stake in BP Retail Austria GmbH, also includes BP’s EV charging infrastructure and associated fleet in the country. Volenergy will also acquire BP’s non-operating interests in three joint ventures: Autobahn-Betriebe GmbH, Erdöl-Lagergesellschaft mbH and TLM Tanklager Management GmbH, Linz.
BP did not disclose the value of the transaction, which excludes BP’s aviation and Castrol operations in Austria.
“By concentrating our capital on the assets and markets where BP can be most competitive and best serve customers, we are strengthening our balance sheet and creating a stronger downstream portfolio”, said BP interim downstream executive vice president Richard Harding.
In its annual report BP confirmed it had completed the sale of its BP Pulse, convenience and mobility businesses in the Netherlands to local fuels distributor Catom BV. BP had already divested its mobility and convenience businesses in Türkiye in 2024 and Switzerland in 2022.
On February 26, 2025 BP announced a target of $20 billion in divestments by 2027 as part of its “reset” strategy. The plan also includes “structural cost reductions”, initially set at $5.5-6.5 billion by 2027; BP has increased that to $6.5-7.5 billion following a deal to sell its refinery and associated assets in Gelsenkirchen, Germany to Klesch Group.
In another downstream sale toward the simplification targets, BP on December 24, 2025 said it is selling 65 percent in the Castrol lubricants brand to Stonepeak Partners LP. Castrol would become a joint venture under which BP retains 35 percent.
“Following a two-year lock-up period, BP has optionality to sell its 35 percent stake in Castrol”, said a joint statement.
The transaction values Castrol at $10.1 billion. Net proceeds for BP would be around $6 billion, the statement said.
“All proceeds from this transaction will be allocated to reducing net debt towards BP’s target of $14-18 billion by end 2027”, the statement said.
BP expects to complete the transaction with the New York City-based infrastructure investor this year.