BP looking to sell its LPG business
BP could be leaving the LPG market
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Tuesday, 14, Feb 2012 08:45
by Tom Lowenstein
Caravan owners could soon find themselves buying and filling up their liquid petroleum gas (LPG) canisters from a new supplier, after BP announced it was to quit the industry.
The second-biggest oil company in Europe, BP has an LPG bottle and filling business across the world but is now looking to find a buyer for the operation, Bloomberg reported.
LPG canisters are widely used by caravan owners as fuel for their ovens and heating systems but the oil giant plans to dispense of its storage terminals and bottle-filling plants as well as other assets related to the business.
No company has yet come in with an offer for the business, however, and BP refused to comment on what it thinks the operation is worth.
With the Deepwater Horizon oil disaster off the Gulf of Mexico costing the British oil company dear, last year it carried out a review of its operations and is looking to sell around £24 billion worth of assets.