Australia's United Petroleum hires KPMG to consider sale, joint venture
The company could fetch up to AUD1 billion (US$923.9 million) including debt.
Founded in 1993, United Petroleum operates a chain of gas stations across Australia and also sells bulk fuel products to other independent service stations, fuel distributors, mining sites and marinas. It also owns fuel import terminals, which prevents dependence on local refineries and ensures security of supply.
Australian data provider CANSTAR ranked United Petroleum as the best-priced fuel provider, above the likes of Caltex Australia Ltd. Royal Dutch Shell PLC and ExxonMobil Corp.
A successful sale process would validate ongoing interest in the sector. Earlier this year, Dutch-based Trafigura Beheer BV’s emerging market-focused oil subsidiary Puma Energy made three acquisitions–retail and wholesale oil distributor Ausfuel for more than AUD625 million (USD577.4 million), Australian fuel marketer Central Combined Group and Neumann Petroleum.
