BP has sold its entire 49.9% stake in an Indonesian petrol station joint venture to local partner AKR Corporindo for USD 14.22 million, ending the British energy major’s involvement in the country’s fuel retail business.
AKR said in a disclosure to the Indonesia Stock Exchange on Monday that two subsidiaries had acquired 11,444,565 shares in PT Aneka Petroindo Raya (APR), which operates the BP-AKR Fuels Retail network. The transaction was completed on November 6 for USD 14.2215 million.
The AKR group’s ownership of APR rises from 50.1% to 100% as a result of the purchase. PT Anugerah Krida Retailindo (AKRIDA) acquired almost all the shares, while PT Andahanesa Abadi (ADH), another AKR subsidiary, acquired one share. Both subsidiaries are 99.99% owned by AKR.
AKR President Director Haryanto Adikoesoemo said the deal completed BP’s agreement to divest its holding as part of the company’s strategy to simplify its portfolio. AKR said the acquisition would not have a material adverse effect on its operations, financial condition, or business continuity.
BP confirmed the exit. James Tehubijuluw, head of BP Indonesia, said the divestment was part of an ongoing effort to reshape the company’s portfolio to support growth and improve performance across its businesses.
He said the decision did not change the importance of Indonesia to BP and would not affect its upstream operations or growth plans. The Tangguh liquefied natural gas project in West Papua remains a strategic asset in BP’s regional upstream portfolio.
The transaction ends a partnership that began in April 2017, when BP and AKR signed an agreement to develop a retail fuel business in Indonesia. The joint venture combined BP’s fuel products and retail expertise with AKR’s local distribution network. Its first outlet opened in November 2018.
The BP-AKR network sells BP-branded fuels, including BP Ultimate, BP 92, and BP Diesel. It had expanded to 70 petrol stations across Indonesia by the end of 2025, according to local media reports. The venture was established to tap demand for non-subsidised fuel and compete with state-owned Pertamina and other private retailers.
The immediate question is how the network will operate under full AKR ownership, including the future use of the BP name and products. The transaction disclosure and public comments did not set out detailed arrangements for branding, supply, or the stations’ longer-term strategy. AKR has not outlined a new operating model.
BP’s departure comes against a difficult backdrop for private fuel retailers in Indonesia. The energy ministry tightened direct fuel import arrangements for private companies in 2025, requiring retailers to source base fuel from state-owned Pertamina after exhausting their import quotas. The changes contributed to shortages at private petrol stations, including BP-AKR and Shell outlets.
The restrictions highlighted the challenges facing international brands in a market where Pertamina dominates fuel distribution. Private operators depend on access to imported fuel to maintain product differentiation, while changes to import permissions and supply arrangements can affect their ability to keep stations stocked.
BP is not the only international oil company to have reshaped its retail presence in Indonesia. Shell completed the transfer of its petrol station business to the SEFAS Group on October 30 through PT Isla Energy Indonesia. The deal covered about 200 stations, associated supply and distribution operations, and a fuel terminal in Gresik. Shell’s brand and fuel products will remain available under a licensing arrangement; its lubricants business was excluded.
The two exits point to a shift in Indonesia’s private fuel retail market, with local groups taking control of networks previously operated through partnerships with international energy companies. Foreign brands may continue to have a commercial presence through product supply or licensing agreements.
For AKR, full ownership of APR gives it direct control of the BP-AKR network and its future development. The company is already a major private-sector distributor of petroleum products and basic chemicals in Indonesia, with logistics and distribution infrastructure that supported the original partnership.
The US$14.22 million purchase price was described by AKR as not material to its financial position, representing less than 20% of the group’s total equity. The company said the transaction would not materially affect its business continuity.
For BP, the sale is a portfolio decision rather than a withdrawal from Indonesia. It retains a substantial presence in the country’s energy sector through Tangguh LNG and upstream activities. The sale removes BP from ownership of a 70-station retail network built over nearly a decade, leaving AKR in full control as private fuel retailers navigate tighter supply rules, competition from Pertamina, and shifting consumer preferences.