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Fuel storage group buys BP assets in Spain

Source: Reuters - Wed 17th Nov 2010

French group Rubis has agreed to buy oil major BP's Spanish liquefied petroleum gas (LPG) distribution unit, it said on Tuesday.

Rubis did not disclose the price of the deal, made via its Vitogas Espana unit but the company said combined annual sales from the purchase will exceed 50,000 tonnes and have an "immediate" impact on results.

BP has been selling assets as part of a drive to raise $25 billion to $30 billion by end-2011 to help pay for its Gulf of Mexico oil spill.

Earlier this year Rubis's chief financial officer Bruno Krief told a Reuters energy and utility forum the fuel storage group had up to 300 million euros for acquisitions over the next two years.

Rubis, which has a market value of around 995 million euros, has already bought some fuel distribution assets from Shell and Total in Corsica.

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