BP and Royal Dutch Shell both considering sell a of Over 1000 service stations
BP and Royal Dutch Shell oil giants are both considering a mass sell-off of their Australian assets, which includes over 1000 service stations.
BP is thought to be considering a sale of some 225 service stations, along with refineries located in Queensland and Western Australia, that will affect a further 1400 sites presently supplied by the oil giant.
Shell is understood to be in early discussions with a number of investors on the future of its 900 service stations and has had its Geelong refinery on the market since April.
Both BP and Shell's assets have been valued at the same figure of $3 billion.
Offloading these assets for both companies, is expected to free up funds for additional investment in energy exploration and production. Australia's facilities have become less workable in recent years, due to higher maintenance costs and the high Australian Dollar. The planned sales signify a growing downward trend for the Australian petroleum industry, which has shrunk from a number of 20,000 service stations in 1970 to just 6300 in 2011.
During this period, Australia's population have grown from 12.2 million in 1970 to 21.5 million in 2011 (23.3 million last year).
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