British energy company BP has agreed to sell its Austrian petrol station and electric vehicle charging businesses to Volenergy for an undisclosed sum, as part of a broader simplification strategy. The transaction includes 250 branded retail sites, of which around 115 are company-owned and franchise-operated, and will continue to operate under the BP brand through a licensing agreement. The deal is expected to close at the end of 2026.

BP said the move aligns with its goal to cut net debt and enhance shareholder appeal after a failed pivot toward renewable energy. The company is refocusing on fossil fuels while adopting a stricter capital allocation policy. By exiting the Austrian retail space, BP aims to streamline its portfolio and concentrate on core operations.

The licensing arrangement ensures that the sold sites will retain the BP brand, preserving customer familiarity while transferring operational control to Volenergy. This sale reflects BP’s ongoing effort to reduce non‑core assets and improve financial flexibility amid shifting market conditions.