Phillips 66 Sells Interest in Swiss-based Petrol Station Operator

Phillips 66 Ltd. is selling its 49% non-operated equity interest in Switzerland’s Coop Mineraloel AG (CMA) to its joint venture partner.

CMA is an operator of 324 retail sites and petrol stations in Switzerland.

Phillips 66 will receive 1.06 billion Swiss francs (US$1.24 billion) in cash from the transaction, including 1 billion Swiss francs (US$1.17 billion) and an assumed dividend of 60 million Swiss francs (US$70 million), subject to adjustment based on the amount of the dividend.

The divestiture comes as Phillips continues to…