The following media report is related to a recent announcement by Woolworths. How might the sale of the petrol business affect future sales and profits of Woolworths?

The Woolworths Limited (ASX: WOW) share price could be heavily traded this morning after the company's multi-pronged market update released before the market open. What did Woolworths announce? The company announced the successful completion of the sale of its Petrol business to EG Group, with the proceeds to be returned to shareholders via a $1.7 billion off- market buyback on 16 April 2019. Management said it remains focused on maximising shareholder value and will return the Petrol proceeds consistent with its 1619 guidance. The $1.7 billion buyback complements dividends of $1.4 billion already paid to shareholders this financial year through FY18 final and special dividends and the 1H19 interim dividend. In line with several other S&P/ASX200 Index (ASX: XJO) companies, the buyback will allow Woolworths to reduce its franking credit balance ahead of potential changes following the May 2019 Federal Election. The sale is likely to result in a gain on sale of $1.1 billion to be recorded as a significant item in the FY19 results