BP eyes sale of its PX, PTA plants in Alabama, US
The company reported in a statement that its Decatur complex no longer fits with the company’s strategy to pursue a competitively advantaged portfolio through world-scale, low-cost facilities.
In line with this strategy, BP is currently upgrading its PTA plants at Cooper River, South Carolina and Geel, Belgium. The estimated value of these upgrades was reported at around $200 million. The upgrade project is intended to enable the company’s PTA plants to improve their cost competitiveness and minimize their environmental impact through the use of the company’s latest PTA technology.
At the beginning of this year, BP Zhuhai also launched its new PTA plant in Zhuhai, China. BP Zhuhai is a joint venture between BP and the Zhuhai Port Corporation. The plant is able to produce 1.25 million tons/year of PTA.
After announcing weaker financial results in the third quarter of this year, BP reported that they would further cut spending to $17-19 billion by 2017, while it also announced additional divestments worth around $3-5 billion in 2016. Since 2010, the company has divested $45 billion in assets, according to media reports.
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