LONDON: British energy giant BP has axed its planned $1.3-billion purchase of a network of Australian petrol stations, it said Thursday.
“BP Australia will not continue with the proposed acquisition of Woolworths’ retail fuel and convenience business,” it said in a statement.
“Despite its best efforts, BP has determined the transaction cannot be structured to meet its strategic objectives.”
London-listed BP had announced plans in late 2016 to buy the network from supermarket chain Woolworths.
BP had sought to rebrand and operate Woolworths’ existing 531 fuel and convenience stores, plus 12 sites under construction.
However, the Australian Competition and Consumer Commission announced one year later that it was opposed to the deal, citing fears it would lead to higher motor fuel prices.
BP already supplies fuel to approximately 1,400 of its own branded service stations throughout Australia, setting fuel prices at roughly 350 of them.
“The decision does not deter BP Australia from its strategy to transform the retail convenience sector in Australia,” the group added Thursday.
“BP has a proven track record in delivering leading fuel and convenience offers to millions of customers around the world.”
BP axes purchase of Australian petrol pump network
BP axes purchase of Australian petrol pump network
Saudi unemployment eases to 3.4% in Q3: GASTAT
RIYADH: Saudi Arabia’s overall unemployment rate stood at 3.4 percent in the third quarter of this year, marking a 0.3 percentage point decline compared with the same period in 2024, official data showed.
According to the General Authority for Statistics, the annual improvement came despite a 0.2 percentage point increase from the previous quarter.
Saudi Arabia’s unemployment rate fell to a record low of 2.8 percent in the first quarter of the year before edging up to 3.2 percent in the second quarter and rising further in the third.
The Kingdom’s strengthening labor market aligns with its Vision 2030 agenda, which aims to expand employment opportunities for citizens and support long-term economic growth. Reducing unemployment remains a central pillar of the broader socio-economic reform program.
In its latest release, GASTAT stated: “The overall labor force participation rate (for Saudis and non-Saudis) reached 66.9 percent, showing a decrease of 0.2 percentage points compared to second quarter of 2025 and a yearly increase of 0.3 percentage points compared to the third quarter of 2024.”
Among Saudi nationals, the rate of joblessness reached 7.5 percent in the third quarter, representing an annual decrease of 0.3 percentage points and a quarterly rise of 0.7 percentage points.
Compared to the second quarter, the employment-to-population ratio for Saudis decreased by 0.6 percentage points to reach 45.3 percent. On a yearly basis, the ratio fell by 2.1 percentage points.
“The labor force participation rate for Saudis in the third quarter of 2025 decreased by 0.2 percentage points compared to the second quarter, reaching 49 percent, and a decrease of 2.5 percentage points compared to the third quarter of 2024,” GASTAT said.
Labor force participation of Saudi women stood at 33.7 percent in the third quarter, representing a 0.8 percentage point decline compared to the previous three months. The employment-to-population ratio of Saudi women decreased by 0.9 percentage points to reach 29.7 percent.
During the same period, the unemployment rate among Saudi women rose by 0.8 percentage points to 12.1 percent, compared with the previous quarter.
Among Saudi men, the labor force participation rate increased by 0.3 percentage points to 64.3 percent.
GASTAT also reported that 95.3 percent of unemployed Saudis are willing to work in the private sector. About 70.6 percent of unemployed Saudi women and 86.7 percent of unemployed Saudi men said they were open to working eight hours or more per day.
The survey found that 61 percent of unemployed Saudi women and 42.7 percent of unemployed Saudi men were willing to commute for at least one hour to reach their workplaces.
Among job seekers, the most common active search method was directly applying to employers, used by 73.3 percent of respondents in the third quarter. About 59.4 percent used the National Employment Platform, known as Jadarat, while 50.5 percent searched for jobs by posting or updating CVs on social media platforms.
