Phillips 66, the parent company of the Jet brand, has announced plans to sell its entire petrol station network in Germany and Austria, comprising 815 stations in Germany and 154 in Austria. The decision comes as part of Phillips 66’s strategy to “monetise assets that no longer fit its long-term strategy,” as stated in its latest quarterly statement.
The sale of the Jet brand petrol stations is expected to fetch around 2.8 billion euros, according to industry experts cited by the Handelsblatt. The move follows a trend in the industry, with other major players like Shell and TotalEnergies also divesting their petrol station networks to focus on electric vehicle charging infrastructure.
The decision to sell off the petrol station network was reportedly influenced by pressure from investors, including hedge fund Elliott Investment Management, which recently invested in Phillips 66. However, there is currently no set timetable for the sale process.
The sale of petrol station networks has become more common as companies look to adapt to the changing landscape of the automotive industry, with a shift towards electric vehicles. Shell, for example, is planning to sell around 1,000 locations in the coming years to focus more on electric vehicle charging stations. Similarly, TotalEnergies has already sold its entire petrol station network in Germany and the Netherlands, citing the planned phase-out of combustion engines in the EU by 2035 as one of the reasons for the sale.
