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 robb.stewart@wsj.com
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