Australia's Wesfarmers to sell LPG, LNG distribution businesses
Adds details, background
May 30 (Reuters) -Wesfarmers WES.AX will sell its liquefied petroleum gas (LPG) and liquefied natural gas (LNG) distribution businesses to Supagas and Clean Energy Fuels Australia respectivelyfor an undisclosed sum, the conglomeratesaid on Thursday.
Wesfarmers, whose other businesses span pharmacies to lithium mining, has seen its gas-related WesCEF unit's operating earnings from its LPG and LNG businessesdecline 3.7% in the first-half of fiscal 2024 owing to weak commodity prices and high natural gas costs in Western Australia.
Supagas is Australia's third-largest LPG supplier, while Clean Energy Fuels Australiaprovides sustainable fuel services for power generation in remote off-grid mines and for industrial applications.
Financial details of the deal were not disclosed.
It willcontinue to house the Kleenheat natural gas retailing business, electricity business and its LPG & LNG production facility in Kwinana, in Western Australia, the company said.
The sale of LPG and LNG businesses is expected to close by September and November, respectively, said Wesfarmers, which also owns an office supplies chain and industrial chemicals business, among others.
Reporting by John Biju in Bengaluru; Editing by Rashmi Aich, Savio D'Souza and Nivedita Bhattacharjee
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