US refiner Phillips 66 plans to sell its gas station business in Germany and Austria as part of a broader plan to divest non-core assets, the company said in earnings released today.
The company sells to retail and wholesale customers under the JET gas station brand across 1,270 sites in Austria, Germany and the UK, according to the refiner's 2022 annual review.
JET operated 813 gas station in Germany as of June 2023, according to the country's federal association of independent petrol stations and 154 sites in Austria according to the company website.
Phillips 66 has a further 330 gas stations in Switzerland through a joint venture under the Coop brand, but those are not included in the sales effort. The refiner declined to provide details of the current number of sites for sale in Germany and Austria.
Phillips 66 has undertaken multi-year cost-cutting projects and said this year it is considering selling some of its midstream assets to satisfy a planned $3bn in divestments.
Full story at P66 to sell German, Austrian retail business: Update | Latest Market News (argusmedia.com)
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