Phillips 66 Sells Majority Interest in European Fuel Retailer

Phillips 66 will sell a 65% stake in its Germany and Austria JET-branded retail fuel network for $2.8 billion, forming a joint venture with Energy Equation Partners and Stonepeak while retaining a minority interest.

(P&GJ) — Phillips 66 has agreed to sell a 65% interest in its Germany and Austria retail marketing business—including 843 JET-branded fuel stations—to a consortium backed by Energy Equation Partners and Stonepeak.

The deal values the business at €2.5 billion ($2.8 billion), with Phillips 66 expected to receive €1.5 billion ($1.6 billion) in pre-tax cash proceeds, following standard adjustments. The company will retain a 35% non-operating interest through a new joint venture.

“This transaction advances our strategy to optimize our portfolio and enhances long-term shareholder value,” said Mark Lashier, chairman and CEO of Phillips 66. “The newly formed joint venture allows us to monetize this non-core asset while retaining the ability to benefit from its future growth.”

The agreement includes a multi-year supply deal from Phillips 66’s MiRO Refinery. The 970-site retail business is expected to transition in the second half of 2025, pending regulatory approval.