Uchenna Izundu
OGJ International Editor

LONDON, July 1 -- Hellenic Petroleum SA agreed to pay $500 million for BP PLC’s ground fuels marketing business in Greece to build up its marketing presence.

The deal excludes lubricants, aviation fuels, and the solar business. The agreement, subject to approval of authorities, includes BP’s nationwide network of 1,200 branded retail outlets and storage facilities of 170,000 cu m capacity, as well as commercial and industrial supply business.

Hellenic will take on 240 employees from BP and the remaining personnel will continue to support BP’s other activities in Greece.

“The agreement provides for a transitional period regarding the management of the network and branding,” Hellenic said.

BP said the transaction is part of rationalizing its portfolio. The sale is scheduled to be wrapped up by yearend, provided regulatory approvals are granted.

Contact Uchenna Izundu at uchennai@pennwell.com.