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BP agrees to sell its Alabama petchem complex to Indorama

by ChemOrbis Editorial Team -
  • 07/01/2016 (11:26)
According to a press release on the company’s website, BP has agreed to sell its Decatur petrochemical complex in Alabama, USA to Thailand’s Indorama Ventures. The transaction is expected to be completed early this year while the companies did not disclose the financial value of the contract.

The complex can produce 1 million tons/year of PTA and also produces PX and naphthalene dicarboxylate (NDC).

Previously, after announcing weaker financial results in the third quarter of this year, BP reported that they would cut spending to $17-19 billion by 2017, while it also announced additional divestments worth around $3-5 billion in 2016. In 2014 and 2015, BP completed a $10 billion divestment program.
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