BP bets the farm on renewable energy and EV charging. Link here.
BP has bought out its private equity partner in a chain of US fuel stations, marking a return to the owned-and-operated model for retail sites in the US as energy majors bet on strong growth in electric vehicle charging and convenience stores.
The group will take full control of 208 Thorntons sites, buying out ArcLight Capital Partners’ majority stake, as part of BP’s plans to double earnings from its “convenience and mobility business” to $10bn globally by 2030. Terms of the deal were not disclosed.
“BP aims to increase the number of strategic convenience sites in its global network from around 2,000 today to more than 3,000 by 2030,” the company said. “Convenience retail is evolving amid rising demand from consumers with ever-changing needs.”
The Thorntons sites, which are based across Kentucky, Illinois, Indiana, Ohio, Tennessee and Florida, are primarily in areas served by BP oil refineries including Whiting, Indiana and Toledo, Ohio.
The move back into retail is something of a reversal for the oil industry, which largely sold off or franchised its branded fuel stations in the past decade, as companies poured capital into oil exploration and production while prices rose.
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