Phillips 66 to sell interest in Switzerland-based joint venture

Global energy company is selling its 49% stake in Coop Mineraloel AG in Switzerland.

Phillips 66 has announced that it will sell its 49% stake in Coop Mineraloel AG (CMA) to its Swiss joint venture partner. The deal is valued at around 1.06 billion Swiss francs ($1.24 billion), which includes a sales price of 1 billion Swiss francs and an expected dividend of 60 million Swiss francs for 2024. The final amount could change depending on the actual dividend paid.

Phillips 66’s CEO, Mark Lashier, said this move is part of the company's broader plan to sell off over $3 billion in assets, as it continues to focus on its long-term strategy. CMA runs 324 petrol stations and retail sites across Switzerland.

The sale, which is still awaiting approval from the Swiss Competition Commission, is expected to be completed by early 2025. Proceeds from the sale will help Phillips 66 with its priorities, including returning value to its shareholders.