Jet petrol stations in Germany and Austria up for sale

The entire petrol station network of the Jet brand in Germany and Austria is up for sale. According to its latest quarterly statement, parent company Phillips 66 plans to "monetise assets that no longer fit its long-term strategy."

Phillips 66 announces that it has initiated the process for the sale of its retail distribution in Germany and Austria, which includes the Jet brand petrol stations. According to data from the Energy Information Service (EID), this affects 815 petrol stations in Germany and 154 in Austria. According to the Handelsblatt, industry experts are reckoning with a target sale value of 2.8 billion euros.

The hedge fund Elliott Investment Management only invested in Phillips 66 at the end of last year. Investors are said to have pushed for the move, which has now been publicised. However, there is apparently not yet a timetable for the sale.

The sale of petrol station networks has recently become more frequent. Shell is also planning to sell off around 1,000 locations, including petrol stations, this year and next year in order to focus more on the business with charging stations for electric vehicles. Gas station operator TotalEnergies had already sold its entire petrol station network in Germany and the Netherlands to the Canadian company Couche-Tard. This involved 1,198 petrol stations in Germany and 392 locations in the Netherlands. One of the reasons given for the Total sale was the planned phase-out of combustion engines in the EU from 2035.

investor.phillips66.com (both in German)