July 20, 2016 / 7:05 PM / 3 years ago

BP eyeing sale of U.K. oil terminals and pipeline stake - Telegraph

Logos of BP are on display at a petrol station in Moscow, Russia, July 4, 2016. REUTERS/Sergei Karpukhin

(Reuters) - British oil company BP Plc (BP.L) is selling off a string of fuel storage terminals as well as its stake in an big pipeline as part of a shake-up of its operations in the U.K. that affects around 350 jobs, The Daily Telegraph reported on Wednesday.

The company is planning to offload its stake in the onshore United Kingdom Oil Pipeline (UKOP), which it co-owns as part of a consortium with Royal Dutch Shell (RDSa.L), U.S. refiner Valero Energy Corp (VLO.N) and France’s Total (TOTF.PA), the report said.

As part of the overhaul, BP is also selling its storage terminals at Belfast, Hamble and Northampton, according to the Telegraph. (bit.ly/29VXQhj)

Reporting by Devika Krishna Kumar in New York; Editing by Chris Reese

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