21st Jul 2016 13:16
LONDON (Alliance News) - BP PLC is to sell a string of fuel storage terminals in the UK and its stake in a major pipeline as part of a restructuring of the company's UK operations, the Daily Telegraph reported Thursday.
The UK Oil Pipeline is jointly owned by a group of major firms including UK firms BP and Royal Dutch Shell PLC, French firm Total and US-based Valero, and runs from Stanlow oil refinery in the North West of England to the Coryton refinery in Essex, serving both Heathrow and Gatwick airports.
BP, according to the Telegraph, also will sell storage terminals in Belfast, Hamble and Northampton and the 50:50 joint venture with Shell at the Kingsbury terminal. The four terminals store petrol, diesel and jet fuel, and the sales will leave BP with just two such sites.
Furthermore, BP has struck a deal with Hoyer, the logistics company, to handle its fuel transport operations, the newspaper said. This agreement will result in about 280 BP staff, including drivers and other logistics roles, transferring over to Hoyer. Some 30 BP employees could be made redundant following the Hoyer deal.
Overall, the restructuring is expected to place up to 350 jobs at risk, the Telegraph said.
http://www.telegraph.co.uk/business/2016/07/20/bp-eyeing-sell-off-of-uk-oil-terminals-and-pipeline-stake/
By Joshua Warner; [email protected]; @JoshAlliance
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