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English Español BP becomes the third largest gas station owner in Spain

The British company closed an agreement with venture capital funds Avenue Capital and JZ International to add 65 stations to its existing 648 retail sites

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Author: PetrolPlaza Correspondent Pablo Plaza

The move involved the acquisiton of Kingbook Capital Socimi and Petrocorner Retail, owners of 65 sites distributed over 21 regions of Spain. With around 700 sites, British Petroleum breaks into the ranking of leading retail operators in the country – after Repsol and Cepsa and before Galp or Shell.

The final sum for the acquistion remains undisclosed. BP is now waiting for the authorities to give their approval for the intended sale, according to the company.

Kingbook announced in 2014 that negotiations with BP were under way and were well-advanced at that stage. The company has since then been buying fixed assets (estimated at €70 million in total).

The acquired stations belonging to Petrocorner were operated before by big companies such as Repsol, Cepsa, BP, Shell, Galp or Avia, among others. The new sites are distributed all over the Spanish territory: Asturias, Cantabria, Vizcaya, Guipúzcoa, Navarra, León, Burgos, Zamora, Valladolid, Ávila, Madrid, Valencia, Albacete, Alicante, Murcia, Jaén, Huelva, Málaga, Granada, Almería and the Balearic Islands.

In 2017, the British company estimated its retail network as comprising 648 sites.

Some sources claim that DISA (Spanish brand of Shell) and Damm (Canary Islands) also had an interest in the operation.