BP agrees to sell Austrian fuel station and EV charging business to volenergy

BP (LSE:BP.) has reached an agreement to divest its retail fuel, convenience and electric vehicle charging operations in Austria to volenergy AG as the energy group continues to simplify its downstream portfolio.

The transaction forms part of BP’s broader strategy to focus investment on markets and businesses where it believes it can generate stronger long-term returns.

Deal includes 250 BP-branded service stations

The sale covers 250 BP-branded retail locations across Austria, including around 115 company-owned and franchise-operated sites. It also includes the company’s electric vehicle charging network and its associated fleet business.

Although ownership will transfer to volenergy AG, the sites will continue operating under the BP brand through a licensing agreement once the transaction has been completed.

BP will divest its entire stake in BP Retail Austria GmbH, subject to the required regulatory approvals. The agreement also includes the Austrian fleet business as well as BP’s interests in three non-operated joint ventures: Erdöl-Lagergesellschaft m.b.H., Autobahn – Betriebe Gesellschaft m.b.H. and TLM Tanklager Management GmbH in Linz.

The companies did not disclose the financial value of the transaction.

BP continues downstream portfolio reshaping

“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 Richard Harding, interim EVP Downstream at BP.

Melanie Milchram-Pinter, head of country Austria at BP, said the company has spent decades building its Austrian mobility and convenience business and believes volenergy AG is well placed to lead the next phase of its development.

Transaction expected to close in 2026

The sale is expected to be completed by the end of 2026, pending regulatory approval.

The agreement follows BP’s previous disposals of its mobility and convenience businesses in Switzerland in 2022, Türkiye in 2024 and the Netherlands in 2025 as the company continues to streamline its international operations.

BP confirmed that its aviation fuels business and Castrol operations in Austria are not part of the transaction.