BP Australia will not continue with the proposed acquisition of Woolworths’ retail fuel and convenience business, originally announced on 28 December 2016.

Despite its best efforts, BP has determined the transaction cannot be structured to meet its strategic objectives.

The decision does not deter BP Australia from its strategy to transform the retail convenience sector in Australia.  BP has a proven track record in delivering leading fuel and convenience offers to millions of customers around the world, through partnerships with strong local brands including Marks and Spencer in the UK and REWE in Germany.

Andy Holmes, BP Chief Operating Officer – Asia Pacific, said today: “I am very confident in what the future holds and the delivery of BP’s strategy for strong market-led growth to 2021 with a continued focus on safe and reliable operations, increasing efficiency, simplification and modernisation.

“Our ambitions are underpinned by our long-standing strong relationships and partnerships. We are committed to working with our commercial partners, new and existing, to continue our transformational agenda for the integrated fuels value chain, and deliver innovation, technology and a best-in-class offer consumers expect,” Mr Holmes said.

“BP is making good on its promise and continues to grow across the Downstream. In marketing, BP has differentiated and material businesses, underpinned by strong brands, distinctive premium offers and increasing exposure to growth markets. In manufacturing, the refining portfolio is geographically balanced with good access to advantaged feedstocks. BP is also growing here in Australia with investments at Kwinana Refinery and growing midstream volumes. In retail, BP is transforming convenience with new in-store offers and leading-edge technology, like BPme.”