Almost 1,000 Jet stations up for sale in Germany and Austria

Phillips 66 follows the example of TotalEnergies looking to offload part of its European retail network.

Phillips 66, the parent company of Jet petrol stations, has announced plans to sell its petrol station networks in Germany and Austria. The sale is expected to generate nearly €3 billion. According to the company's quarterly report, the process to divest the retail distribution assets has begun. 

Phillips 66 stated that the decision to sell these assets aligns with its long-term strategic goals, noting that the completion of the divestitures depends on market conditions and customary regulatory approvals.

According to data from the Energy Information Service (EID), this affects 815 petrol stations in Germany and 154 in Austria

This move follows similar adjustments in the industry. Recently, TotalEnergies completed the sale of its petrol stations in Germany and the Netherlands. In addition, Shell has declared its intention to divest approximately 1,000 of its petrol stations to pivot towards establishing electric vehicle charging stations.