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BP OIL COMPANY CONTINUES PROCESS TO SELL CALIFORNIA AND SOUTHEAST FLORIDA BRANDED MARKETING ASSETS

 BP OIL COMPANY CONTINUES PROCESS TO SELL CALIFORNIA AND
 SOUTHEAST FLORIDA BRANDED MARKETING ASSETS
 CLEVELAND, June 5 /PRNewswire/ -- BP Oil Company said today that it has decided to continue the process necessary to sell its California and southeast Florida branded marketing assets. This includes a decision to notify affected parties of a branded market withdrawal from these areas. This is in line with PMPA (Petroleum Marketing Practices Act) requirements which call for a six-month advance notification of such a withdrawal.
 Ross Pillari, vice president of retail marketing, said, "These notifications do not mean that we will absolutely withdraw from these markets. They are simply the next step which we need to take in order to facilitate a potential sale in 1992." He continued by saying, "These assets have been identified as non-core to our marketing business and we're in the process of seeing whether they might have more value to someone else than they do to us."
 Bid packages for assets in these markets were distributed in May. Included in the assets for sale are BP's owned and leased service station properties as well as select distribution terminals. The withdrawal notifications will also impact independent dealers and jobbers who operate under the BP brand name in the withdrawal areas. BP cites industry conditions combined with lower than expected market shares in the withdrawal areas as the driving force behind their potential sale.
 BP entered the northern California market in 1989 and the southeast Florida market in 1985. BP Oil Company is a wholly owned subsidiary of British Petroleum, p.l.c.
 -0- 6/5/92
 /CONTACT: Ginny Sinko of BP Oil, 216-586-6762/ CO: BP Oil ST: Ohio IN: OIL SU:


KK -- CL002 -- 7333 06/05/92 08:59 EDT
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Publication:PR Newswire
Date:Jun 5, 1992
Words:289
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