Phillips 66 to sell 49% stake in Swiss venture for $1.24 billion

Phillips 66 will sell its 49% non-operated equity interest in Coop Mineraloel AG to its Swiss joint venture partner for $1.24 billion, the U.S. refiner said on Monday.

The joint venture operates 324 retail sites and petrol stations across Switzerland.

"This transaction marks significant progress in delivering on our commitment of over $3 billion in divestitures," Phillips 66 CEO Mark Lashier said in a statement.

The company said it would receive $1.17 billion as sales price and $70 million as assumed dividend for current year to be paid at or prior to closing.

The transaction is expected to close in the first quarter of 2025.