UPDATE: Shell Buys Out Joint Venture With Texas Fuel Retailer
UPDATE: Shell Buys Out Joint Venture With Texas Fuel Retailer
(Adds Shell reaffirming its commitment to branded wholesalers, targets for
growth.)
Just three months after BP bought out its joint venture with retailer Thorntons
and ArcLight Capital Partners LLC, Shell Retail and Convenience Operations LLC,
a wholly owned subsidiary of Shell Oil Products US, announced today that it
signed an agreement to acquire the remaining 50% share in Texas Petroleum Group
LLC, a 50/50 JV between Shell Oil Products US and Texas fuel retailer
LandmarkIndustries Holdings LTD.
The transaction involves 248 company-owned convenience stores from its JV
operation with Landmark Group of Cos., which operates stores under the Timewise
brand in Texas, as well as fuel supply agreements with 117 independently
operated retail sites, according to the announcement.
TPG has 170 company-owned fuel and convenience sites and supply agreements for
63 independent sites. Shell is also picking up Landmark's retail gas station
network of 78 company-owned sites and supply agreements for 54 independent
dealers.
Shell said the transaction advances its Powering Progress strategy by growing
its retail footprint in a core market; offering alternative energy such as
electric vehicle charging, hydrogen, biofuels and lower-carbon premium fuels;
and growing non-fuel sales through convenience stores.
When the deal closes, TPG will be a wholly owned subsidiary of Shell Retail and
Convenience Operations within its Downstream Mobility business.
The transaction, which is expected to close by the end of the year, is subject
to regulatory clearance and certain closing conditions.
In its announcement, Shell said it "remains committed to collaborating with
wholesalers and dealers to serve customers, drive business value, and thrive
through the energy transition." Shell said it will continue to support
wholesalers, dealers and JV partners, who own and operate more than 13,000 U.S.
Shell sites.
The company expects to serve 40 million customers per day at retail stations,
with a total of 55,000 Shell sites and 15,000 convenience stores by 2025.
--Reporting by Donna Harris, dharris@opisnet.com; Editing by Michael Kelly,
michael.kelly3@ihsmarkit.com
Copyright, Oil Price Information Service
growth.)
Just three months after BP bought out its joint venture with retailer Thorntons
and ArcLight Capital Partners LLC, Shell Retail and Convenience Operations LLC,
a wholly owned subsidiary of Shell Oil Products US, announced today that it
signed an agreement to acquire the remaining 50% share in Texas Petroleum Group
LLC, a 50/50 JV between Shell Oil Products US and Texas fuel retailer
LandmarkIndustries Holdings LTD.
The transaction involves 248 company-owned convenience stores from its JV
operation with Landmark Group of Cos., which operates stores under the Timewise
brand in Texas, as well as fuel supply agreements with 117 independently
operated retail sites, according to the announcement.
TPG has 170 company-owned fuel and convenience sites and supply agreements for
63 independent sites. Shell is also picking up Landmark's retail gas station
network of 78 company-owned sites and supply agreements for 54 independent
dealers.
Shell said the transaction advances its Powering Progress strategy by growing
its retail footprint in a core market; offering alternative energy such as
electric vehicle charging, hydrogen, biofuels and lower-carbon premium fuels;
and growing non-fuel sales through convenience stores.
When the deal closes, TPG will be a wholly owned subsidiary of Shell Retail and
Convenience Operations within its Downstream Mobility business.
The transaction, which is expected to close by the end of the year, is subject
to regulatory clearance and certain closing conditions.
In its announcement, Shell said it "remains committed to collaborating with
wholesalers and dealers to serve customers, drive business value, and thrive
through the energy transition." Shell said it will continue to support
wholesalers, dealers and JV partners, who own and operate more than 13,000 U.S.
Shell sites.
The company expects to serve 40 million customers per day at retail stations,
with a total of 55,000 Shell sites and 15,000 convenience stores by 2025.
--Reporting by Donna Harris, dharris@opisnet.com; Editing by Michael Kelly,
michael.kelly3@ihsmarkit.com
Copyright, Oil Price Information Service
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