Fri, 10 Sep 2010 | DIVISION SALE
Oil giant Total has said that it is pulling out of retail fuel in the UK and is going to put its entire chain of nearly 500 petrol forecourts on the market.
There are only around 9,000 petrol forecourts left in the UK - about the same number that were in existence before World War 1 commenced.
It will be interesting to see who the bidders might be for Total's petrol pumps, with one of the most likely candidates being the Russian-owned Gazprom.
Most of the motorists' money goes into the government's tax coffers, leaving the forecourt operators only around 2-3p profit per litre as they compete on a vicious scale, partly in response to the supermarket giants' pricing strategies. Some forecourts make more money selling milk, bread and newspapers.
Total is still making good money from its lubricants and aviation business, so will not be looking to dispose of this arm. Its North Sea oil exploration activities are also extremely profitable, so there will be some presence remaining in the United Kingdom.
The oil company may also be looking to dispose of its heating oil division, which will certainly attract the interest of players like GB Oils.
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