bp exits Indonesian fuel retail venture with AKR
AKR Corporindo’s subsidiaries bought bp’s 49.9% stake in the operator of 40 BP-AKR stations for $14.2 million, taking full ownership weeks after Shell sold its local network.
bp has sold its entire 49.9% stake in Indonesian fuel retail joint venture PT Aneka Petroindo Raya, which operates as BP-AKR Fuels Retail, to two subsidiaries of its partner AKR Corporindo. The purchase price was $14.22 million, and AKR’s group ownership of the venture rose from 50.1% to 100%, as reported by Reuters, citing an AKR filing.
According to the filing, the divestment is part of bp’s effort to “simplify its portfolio”. The joint venture, set up in 2017, opened its first station in 2018 and now runs 40 sites in Greater Jakarta and East Java. The future of the brand at these stations has not been disclosed.
The deal follows Shell’s completion in October of the transfer of its Indonesian station business, around 200 sites, to SEFAS Group. Those stations are now operated by PT Isla Energy Indonesia under a Shell brand licence.
Private fuel retailers in Indonesia, including bp and Shell, faced shortages after the energy ministry tightened direct fuel imports last year. Once their import quotas ran out, they were required to buy base fuel from state-owned Pertamina.
