Downstream M&A: as majors retreat, who is buying fuels marketing assets in Europe?

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Report summary

The low oil price and favourable margin environment in 2015 provided a window of opportunity for companies looking to divest European downstream assets, with stronger margins arguably attracting more buyers and better prices. Therefore 2015 saw a continuation of the high level of 2014 downstream M&A activity, particularly in the fuels marketing sector. The most prominent recent trends once again emerged from the 2015 transactions: the majors divesting non-core marketing assets, mostly to downstream-focussed specialist independents and traders looking at expanding their presence in these markets.

What's included

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  • Document

    Downstream M&A: as majors retreat, who is buying fuels marketing assets in Europe?

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Table of contents

  • Executive summary
  • The Majors continue European downstream retreat
    • Regional integrated oil companies
    • Independent storage and distribution companies
    • Pure-play fuel retailers
  • The United Kingdom had the lion's share of transactions in 2015
  • Outlook

Tables and charts

This report includes 4 images and tables including:


  • Changes in Europe refining and retail assets between 2005 and 2015
  • Majors fuels marketing divestment activity in 2014 and 2015
  • UK retail fuel sales volume by type of retailer
  • Europe fuels marketing: the major buyers' positions at end-2015

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