BP Sells Turkish Propane Business To Oteko

Law360, New York (November 27, 2012, 12:31 PM EST) -- BP PLC will sell its propane bottling and tank-filling business in Turkey to Russia's Oteko Group OAO for an undisclosed sum, the British company announced Tuesday, part of a year-old strategy to pare down retail units and to squeeze higher profits from drilling and refining.

The deal includes some 400,000 metric tons of propane, also known as liquid petroleum gas, or LPG. The British energy giant will also sell gas stations under the Petgaz label, though it is keeping its 400 BP-branded fueling stations, it said...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.