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LONDON (Alliance News) - BP PLC's Air BP subsidiary Wednesday said it has secured an agreement to buy aviation fuel business Statoil Fuel & Retail Aviation AS from Canada-based Alimentation Couche-Tard Inc for an undisclosed amount.
Air BP is the FTSE 100-listed oil group's aviation fuel products and services business.
The deal means Air BP will add around 73 new airports in the Nordic countries and Northern Europe to its 600-strong global fuels network. The deal is subject to regulatory approvals and is expected to close by the end of 2014.
"Bringing SFR Aviation?s business into our own strengthens our position in Scandinavia which is an attractive region for the aviation industry, especially in the general aviation market," said Air BP Chief Executive David Gilmour.
"This deal will grow BP?s airport coverage, as well as introduce us to new customers, and give us access to SFR Aviation?s quality infrastructure and operations. It complements our existing presence in the region and will allow us to expand where we see long term prospects," Gilmour added.
BP shares were up 1.4% to 483.755 pence on Wednesday, putting it among the top risers on the FTSE 100.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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