"The release of $1.785 billion from the sale will be used to strengthen our balance sheet and reinvest in our core businesses which will further benefit customers and shareholders".
Tufan Erginbilgic, chief executive of BP Downstream, said: "Globally we have developed a winning retail formula where we partner with strong local brands, like Marks & Spencer in the United Kingdom, to provide our customers with a convenience retail offer that meets the needs of their busy lifestyles".
BP will be acquiring, rebranding and operating Woolworths' existing 527 fuel and convenience sites after the $1.3 billion deal.
Under the deal, Woolworths, Australia's second-largest company by revenue, will sell its 527 owned fuel stations and 16 committed development sites to BP.
BP will roll out the Woolworths Rewards program, which gives consumers fuel discounts and points towards Qantas airline tickets.
The fuel business reported earnings before income tax and significant items of A$117.8 million for the year ended June 30.
A BP spokesperson told Australian Business Traveller that it was too early to speculate on the fate of the current Velocity partnership pending the necessary ACCC and FIRB approval for the Woolworths deal, which is expected to take up to 12 months to finalise. The potential partnership would be designed such that it enhances the value for its customers and reward them for their loyalty and support.
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The deal is expected to be completed no earlier than January 2, 2018.
The Metro at BP concept will be trialed at several sites and could expanded to 200 BP convenience stores.
At the start of December, BP announced that it would inject nearly 1 billion USA dollars (£800 million) to explore the Tortue gas field off the coasts of Mauritania and Senegal.
Regardless, a key component of the deal will see the preservation of Woolworths' precious fuel discount docket scheme.
BP downstream chief executive Tufan Erginbilgic said in a separate statement that it has similar and successful partnerships globally with retailers such as Marks and Spencer.
BP's proposal met Woolworths' "strategic and broader commercial imperatives", Banducci said.