ACCC reviews BP acquisition of fuel retailer

The Australian Competition and Consumer Commission (ACCC) is to extend a review of BP Australia’s proposed acquisition of transport fuel retailer and distributor Centrel, which trades as Reliance, after identifying concerns about the potential impact on competition in the market. Further submissions are to be lodged by November 5, 2010, and the ACCC will hand down a final decision on November 18, the watchdog said in a statement. BP operates two oil refineries in Australia, an 88,000 barrel per day (bpd) plant at Bulwer Island in Brisbane and a 138,000 bpd facility at Kwinana in Perth. The company had a 19% share of the Australian retail gasoline market in the 2008-2009 financial year, according to the Australian Institute of Petroleum, which represents the four local refiners/marketers. Reliance’s operations are focused on rural and regional areas. The company operates 215 BP-branded service stations, supplies and distributes BP fuel and lubricants to third-party retail sites and supplies BP fuels and lubricants to commercial customers. (October 22, 2010)