The domestic petroleum industry is facing an earthquake: Austria’s 162 Jet gas stations are now up for sale. This is evident from the quarterly report that the American parent company Phillips 66 is now publishing. The 815 petrol stations in Germany are also coming onto the market.
“We recently started the process of selling our retail activities in Germany and Austria. “This is consistent with our plan to divest non-core assets,” said Mark Lashier, president and CEO of the $64.78 billion energy giant. The domestic Jet gas station network is part of this retail distribution.
The company, headquartered in Houston, has not yet released details on the specific timing of the sale or the purchase price.
Trend change in the industry
The sale of the Jet Group is evidence of a trend change in the industry. The classic gas stations have had their day; the future is clearly in renewable fuels. The report said the Jet fuel stations were performing “excellently” but no longer fit the “strategic direction of the company.”
Phillips 66 completely rebuilt its San Francisco refinery and repositioned it as the “Rodeo Renewable Energy Complex.” Where petrol and diesel were previously produced, in the future only renewable fuels will be processed. The goal is 800 million gallons per year. Philipps 66 wants to position itself as the world’s leading supplier of renewable fuels, according to the quarterly report.
The jet sale is also closely linked to the entry of the hedge fund “Elliott Investment Management” last year. He acquired shares in Phillips 66 worth a billion dollars. The hedge fund bosses’ call was clear: massive cuts in operating costs and concentration on the refining business.
Head pulled out of the noose
If these demands are not met, they will push for change at the climax of the concert, was the blatant threat. With the sale of the jet network, ‘Phillips 66’ boss Lashier got his head out of the loop.
Phillips 66 is not completely withdrawing from Austria. The aim is to set up a network of hydrogen filling stations in Austria, Germany and Denmark by 2026. Naturally, they no longer want to have anything to do with the “traditional gas stations”.
“The sector is in a transformation phase. These are exciting times. “Many companies are changing their strategies, also to achieve their climate goals,” says Hedwig Doloszeski, director of the oil industry trade association ‘Krone’. In recent years, “many gas station networks have changed ownership,” said the expert.
In fact, the Doppler Group sold the tower oil network to oil company Orlen from Poland. The French group TotalEnergies in turn sold its gas stations in Germany and the Netherlands to the Canadian company Alimentation Couche-Tard.
If Phillips 66 finds a buyer, Doloszeski does not expect “any major impact” on the domestic gas station network and associated stores. Of course, you never know what the American parent company is planning.
The Jet Group cannot yet be reached for a statement.
Source: Krone
I am Wallace Jones, an experienced journalist. I specialize in writing for the world section of Today Times Live. With over a decade of experience, I have developed an eye for detail when it comes to reporting on local and global stories. My passion lies in uncovering the truth through my investigative skills and creating thought-provoking content that resonates with readers worldwide.
