Phillips 66 has signed an settlement to divest its 49 % stake in a community of over 300 refueling stations and comfort shops in Switzerland and Liechtenstein to its Swiss co-venturer.
Valued about $1.24 billion, the money transaction for Coop Mineraloel AG is anticipated to shut within the first quarter of 2025, topic to approval by the Swiss Competitors Fee. Coop Group, at the moment the 51 % proprietor, owes round $1.17 billion in gross sales worth and roughly $70 million in assumed dividends for 2024.
Coop Mineraloel had CHF 2.7 billion ($3.1 billion) in web income final yr. The fueling stations included 5 serving hydrogen as of 2023, in line with on-line info from the three way partnership.
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Phillips 66 stays a hydrogen investor in Europe by stakes in associated initiatives in Austria, Denmark, Germany and the UK.
The transaction, a part of the US refiner’s aim to generate $3 billion from asset gross sales, follows the corporate’s announcement that it was closing in on the sale of its retail advertising enterprise in Austria and Germany.
“This transaction marks important progress in delivering on our dedication of over $3 billion in divestitures,” Mark Lashier, chair and chief government of Houston, Texas-based Phillips 66, mentioned in an organization assertion. “As we handle our portfolio, we’ll proceed to guage monetization of belongings that not match our long-term technique”.
Phillips 66 had mentioned it’s eyeing to surrender belongings price $3 billion to help its shareholder return goal and different long-term priorities whereas focusing funding on low-cost however high-return initiatives. Phillips 66 has to date accomplished two divestment transactions towards the goal.
Final month Voyager Midstream Holdings introduced it had bought pure fuel gathering and processing belongings in Louisiana and Texas from Phillips 66 for an undisclosed worth. The settlement included about 550 miles of fuel pipelines and related compression, 400 million cubic ft per day of lively cryogenic fuel processing capability, 12,000 barrels a day of liquids fractionation capability and the Carthage Hub built-in fuel buying and selling and supply hub.
As of the second quarter of 2024, Phillips 66 reached $1.1 billion towards that $3 billion asset monetization goal, in line with the corporate’s quarterly monetary report.
Within the interval, it bought a 25 % non-operating stake in Rockies Categorical Pipeline LLC to Tallgrass Power LP. The transaction, involving a 1,714-mile pipeline carrying as a lot as over 5 billion cubic ft a day of pure fuel from Appalachia to the northeastern U.S., had an enterprise worth of $1.275 billion together with money of practically $700 million, in line with Phillips 66’s announcement of the deal final June.
To contact the writer, electronic mail jov.onsat@rigzone.com
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