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.