2024-04-30 19:10:56
More and more companies are selling their gas station network. Jet is now also following this trend and is selling its locations in Germany and Austria.
The gas station operator Jet wants to sell its entire gas station network in Germany and Austria. This emerges from the quarterly report published by the parent company Phillips 66, as “The Pioneer” reports.
Accordingly, the US company has initiated the process for the sale of the retail distribution in this country and in Austria, which includes the Jet brand gas stations. The reason for this is the plan to “monetize assets that no longer fit its long-term strategy,” according to Phillips 66’s quarterly report.
In addition, the sale is justified by the pressure exerted by investors. Late last year, hedge fund Elliott Investment Management bought a $1 billion (€934.45 million) stake in Phillips 66, urging the company to cut operating costs and refocus on its refining businesses. However, there is currently no timetable for the sale, according to “The Pioneer”.
Estimated sales value: three billion dollars
According to data from the Energy Information Service, the gas station company Jet operates 815 gas stations in Germany – there are at least 154 locations in Austria. According to industry experts, the planned sale could amount to around three billion US dollars (2.8 billion euros), as Handelsblatt reports. The value of a single gas station – with land and good prospects – is around one million euros in this country.
The sale continues a trend in the oil industry. In January 2024, the French company Total Energies sold its 1,200 gas stations in Germany. The sales value at that time was 3.4 billion euros.