BP plc (BP) Adds Woolworths Gas Stations to Portfolio

29 December, 2016, 00:57 | Author: Joy Garcia

Woolworths will also trial opening "Woolworths Metro at BP" stores in existing BP sites, based on the existing model for small-format convenience stores it already uses in CBD locations.

Shortly after the news of adding up three convenience stores to its fuel store business surfaced, BP plc (ADR) (NYSE:BP) entered into the procurement of petrol stations owned by Woolworths Limited.

"The release of A$1.785 billion from the sale will be used to strengthen our balance sheet and reinvest in our core businesses", Woolworths Chief Executive Brad Banducci said.

Tufan Erginbilgic, chief executive of BP Downstream, said: "Globally we have developed a winning retail formula where we partner with strong local brands, like Marks & Spencer in the United Kingdom, to provide our customers with a convenience retail offer that meets the needs of their busy lifestyles".

Of course, many consumers will be wondering what this deal means for Woolworths' generous fuel offer which has traditionally scratched 4 cents per litre off of fuel purchases after the customer spends a certain amount in Woolworths' supermarkets.

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BP will also retain Woolies' 4c per litre fuel discount at the Woolworths fuel outlets "and expand this offer to additional BP sites". According to Woolworths, the deal would secure approval no sooner than the first half of 2018.

The deal will also extend the Woolworths Rewards program and reward customers for loyalty and support.

The firm also said in December it would invest nearly $1bn to explore the Tortue gas field off the coasts of Mauritania and Senegal.

"For our shareholders, once the strategic partnership is established, it will result in Woolworths having a larger platform for our redemption and reward program, as well as providing us with a unique opportunity to partner with and draw on BP's success in rolling out market-leading convenience food offers globally", he says.

Regardless, a key component of the deal will see the preservation of Woolworths' precious fuel discount docket scheme. "Around the world we have delivered leading offers like this via long-term partnerships with other leading food and grocery retailers including Marks & Spencer in the United Kingdom and REWE in Germany".

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