BP Follows Shell in Exiting Indonesian Gas Station Retail as Local Partners Take Full Control

JAKARTA, Investortrust.id — British energy giant BP Plc has agreed to divest its entire equity holding in its Indonesian fuel retail venture, following a similar retreat by peer Shell Plc in offloading local gas station networks to domestic operators.

Under the transaction disclosed on the Indonesia Stock Exchange (IDX), BP is selling its 49.9% equity stake in PT Anugerah Parama Retail (APR)—the joint venture operating the BP-AKR service station network—to affiliates of local logistics and energy player PT AKR Corporindo Tbk (AKRA) for $14.22 million (approximately Rp 231 billion).

The buyout allows AKR Group to consolidate complete control over the retail operation, lifting its combined interest from 50.1% to 100%.

Consolidating Full Control Under AKR

According to regulatory filings submitted to the bourse, AKR Corporindo affiliates Akrida and ADH jointly acquired 11,444,565 APR shares previously held by BP, representing 49.9% of the venture's issued and paid-up capital.

"Akrida and ADH jointly purchased 11,444,565 APR shares owned by BP, representing 49.9% of the issued and paid-up capital in APR, with a share purchase price of $14.221 million," AKR Corporindo Corporate Secretary Arum P Handayani stated in an official exchange disclosure.

The divestment aligns with BP’s broader global mandate to rationalize capital deployment and simplify its retail forecourt portfolio across selected emerging markets. AKR emphasized that the buyout will not disrupt ongoing business operations. "This transaction does not create any material negative impact on the operational activities, legal standing, financial condition, or business continuity of the company," Arum added, noting that the transaction did not trigger mandatory material or affiliated transaction thresholds under Financial Services Authority (OJK) regulations.

Paralleling Shell’s Retail Transfer to SEFAS Group

BP’s retreat from Indonesian forecourt ownership mirrors the recent corporate restructuring executed by Shell. In late October, Shell completed the transfer of its domestic retail gas station operations to local energy distributor SEFAS Group through PT Isla Energy Indonesia.

Unlike BP's transaction, Shell’s agreement incorporates an extensive brand licensing deal that preserves consumer brand presence across Indonesia. The transaction handed over approximately 200 Shell-branded stations—more than 160 of which are company-owned—alongside related distribution logistics and a primary fuel terminal in Gresik, East Java.

"Under the brand licensing agreement, the Shell brand will continue to be utilized across PT Isla Energy Indonesia's entire service station network, ensuring customers retain access to Shell’s premium fuel products," Shell noted in an official company statement.

Shifting Strategic Focus Toward High-Margin Lubricants

While global oil majors are stepping away from direct retail station management amidst intense local market competition and state-subsidized fuel dynamics, downstream lubricants remain a core growth engine.

Shell notably excluded its lubricants division from its deal with SEFAS Group, maintaining its direct operational presence and manufacturing expansion in Indonesia. Shell commissioned a new Grease Manufacturing Plant with an annual output capacity of 12 kilotons, complementing its flagship Marunda Lubricants Oil Blending Plant (LOBP) in Bekasi, which boasts an annual production capacity of 300 million liters.