BP buys Woolworths fuel business in Australia for $1.3 bln

Oil company BP says it has agreed to buy the fuel business of Australian supermarket chain Woolworths Ltd for $1.3 billion as part of its efforts to rebuild itself.

The deal includes 527 fuel convenience sites and 16 other development sites across Australia. That adds to the 350 BP-owned gas stations in the country, and some 1,000 other BP-branded outlets owned by independent business partners.

The deal, announced Wednesday, is subject to approval from Australian authorities and is expected to complete over the next year.

BP, based in London, has been trying to rebuild its operations after having to sell assets to pay for the costs of the 2010 Gulf of Mexico disaster.