BP to pull out of Malaysian petrol sector

Rumours have emerged in Malaysia that BP will be pulling out of the petrol station market in that country.
BP to pull out of Malaysian petrol sector BP to pull out of Malaysian petrol sector BP to pull out of Malaysian petrol sector BP to pull out of Malaysian petrol sector BP to pull out of Malaysian petrol sector

Apparently, according to an unnamed source, BP's 270 outlets in the country will be sold for between US$132 million and US$263 million in a closed-door tender.

According to the source, "Only selected companies will be invited for the tender and BP may have already identified the companies." ConocoPhillips Inc, Sime Engineering Bhd and Petronas Dagangan Bhd are said to be interested in acquiring the stations.

Apparently, BP made the decision to pull out of Malaysia because it did not believe that returns from the country justified further investment in the petrol retail market. It will continue investing in other projects in upstream sector, though.

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