BP Seeks Buyers for Petroleum Joint-Venture Assets in China
BP plc (NYSE:BP) (London, England) is seeking buyers for its largest investment in China. BP has a 50% stake in a petrochemicals joint venture with China Petroleum & Chemical Corporation (Sinopec). According to Reuters, the petrochemical refinery, SECCO, could bring in between $2 billion and $3 billion, as BP attempts to shed assets of which it lacks control.
Sinopec, which has first refusal of the offer, has said it is looking over BP’s proposal but has made no decision yet. The Financial Times reports that BP plans to sell between $3 billion and $5 billion of assets this year.
The SECCO petrochemicals plant began operating about a decade ago, after a $2.7 billion investment by BP and Sinopec. BP is working with Morgan Stanley to sell its part of the venture, according to news reports.
Industrial Info is tracking more than 320 projects owned by BP, valued at more than $41.3 billion, including $13.6 billion in the U.S. and more than $7.6 billion in the U.K.
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