Israeli energy group Delek is to sell off its European operations in a £291million deal.
Delek Europe was set up in 2007 after picking up BP’s French arm and Chevron’s Belgian and Dutch operations.
The deal, with an undisclosed foreign investment fund, will see Delek receive two cash payments, along with a loan for the outstanding amount to be repaid within five years.
The deal, subject to regulatory approval, comes as the Israeli group sold off the majority stake of US insurance firm Republic for £71million.
Delek said it was also looking to sell gas from the giant Leviathan field off Israel through a pipeline to Cyprus.
The consortium, including Delek, has launched a bid to supply the Cypriot state gas for the next 10 years. A decision on the deal is due in August.