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BP seeks sale of its stakes in petchem JV in China

by ChemOrbis Editorial Team -
  • 09/08/2016 (14:05)
According to media reports, BP is looking to sell its 50% stake in its petrochemical joint venture, Shanghai SECCO Petrochemical Company. BP is aiming to acquire $2-$3 billion from this transaction. According to the report, BP is looking to divest itself of businesses where it does not have control and if a sale is made, this would be BP’ first significant exit from a business in China.

SECCO was founded in 2001 by China Petroleum and Chemical Corporation (Sinopec Corp.), Shanghai Petrochemical Company Limited (SPC) and BP with an investment value of around $ 2.7 billion in a 30%, 20%, 50% stake, respectively.

According to the company’s official website, it can produce 1.09 million tons/year of ethylene, 650,000 tons/year of styrene, 520,000 tons/year of ACN, 180,000 tons/year butadiene, 600,000 tons/year of aromatics, 300,000 tons/year of PS, 600,000 tons/year of PE and 250,000 tons/year of PP.
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