Phillips 66 to sell stake in Swiss joint venture for USD1.24 billion

Phillips 66  has announced an agreement to sell its 49% non-operating equity interest in Coop Mineraloel AG (CMA), a Switzerland-based joint venture, to its partner in the venture. CMA operates 324 retail sites and petrol stations across Switzerland.

This stake was part of the company’s international presence in the fuels and lubricants sector. The other 51% of Coop Mineraloel AG is owned by the Coop Group, a major Swiss cooperative that is involved in various sectors, including retail, wholesale, and financial services. Coop Group’s control over the company gives it a strong presence in the Swiss energy retail market.

Headquartered in Houston, Texas, U.S.A., Phillips 66 is a leading integrated downstream energy company with a diverse portfolio that includes midstream, chemicals, refining, and renewable fuels.  

The sale aligns with Phillips 66’s commitment to streamline its portfolio and realise more than USD3 billion in divestitures. 

The transaction, valued at approximately CHF1.06 billion (USD1.24 billion), includes a sales price of CHF1 billion (USD1.17 billion) and a dividend of CHF60 million (USD70 million) to be paid before the deal closes.

“This transaction marks significant progress in delivering on our commitment of over USD3 billion in divestitures,” said Mark Lashier, chairman and CEO of Phillips 66. “As we manage our portfolio, we will continue to evaluate monetisation of assets that no longer fit our long-term strategy.”

The proceeds from the sale will support Phillips 66’s strategic priorities, including returns to shareholders.

The deal is subject to approval by the Swiss Competition Commission and is expected to close in the first quarter of 2025.