Viva Energy's Share Price Jumped by 13.25% Today

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Viva Energy Group Ltd [ASX:VEA], one of Australia’s largest energy companies, experienced a surge in their share price this morning following the announcement of their extended alliance with Coles Group Ltd [ASX:COL].

The companies are well known for their combined involvement in the Coles Express fuel and convenience stations.

At time of writing, Viva’s share price sits at $2.18.

What you need to know about the alliance

Managing Director of VER Manager Pty Ltd and Manager of VVR, Margaret Kennedy, said:

‘We welcome the announcement from VIVA Energy and Coles Group today, particularly in respect of the extension of the Alliance to 2029, the new fuel retailing arrangements and potential network growth opportunities.

‘Viva Energy is the tenant at more than 430 VVR sites across Australia and we look forward to continuing the strong relationship between VVR and Viva Energy.’

This move cements the company as Australia’s leading fuel and convenience business.

Almost six months ago, stakes between the two companies were high as they debated over wholesale petrol prices. As a result, their share price is suffering heavily. Though it seems now that relations are firm for the next 10 years, and investor confidence is again starting to build.

What’s next for Viva Energy’s share price?

The fuel renewal will cost Viva Energy $137 million and will give them the right to set fuel prices. However, Coles will still remain responsible for operating the Coles Express retail stores and will receive a commission per litre at Viva’s Shell filling stations.

‘Together, we represent Australia’s leading fuel and convenience offer and we look forward to growing the Alliance with Coles Express in the years to come,’ Viva Energy chief executive Scott Wyatt said.

The agreement will come into effect from March this year.

Regards,

Ryan Clarkson-Ledward,
For Money Morning

PS: Want to know what’s driving this ‘Green Energy’ stock frenzy? In a brand-new FREE Money Morning report, Editor Jason Stevenson reveals three Aussie lithium stocks that could be names to watch. Click here to find out more.

Tags: ASX:COLASX:VEA

Ryan Clarkson-Ledward

Ryan Clarkson-Ledward is an Editor at Money Morning.

Ryan holds degrees in both communication and international business. He helps bring Money Morning readers the latest market updates, both locally and abroad. Ryan tackles all the issues investors need to know about that the mainstream media neglects.

Ryan is also the Editor of Australian Small-Cap Investigator, a stock tipping newsletter that hunts down promising small-cap stocks by dissecting the latest events affecting the world.

To find out more about the publications Ryan works on and how you can subscribe, please click on the corresponding link here:

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