BP to sell stake in SECCO to Sinopec
by ChemOrbis Editorial Team - content@chemorbis.com
According to Reuters, BP agreed to sell its 50% in Shanghai SECCO Petrochemical Company to Sinopec, a subsidiary of its joint venture, for $1.68 billion.
The sale is the first step in BP’s plans to sell assets worth $4.5-5.5 billion in 2017 in order to be able to focus on areas where the company has technological advantage while it also said it is still open to new opportunities in China
The company will reportedly use the fund from the sale for corporate purposes.
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.
The sale is the first step in BP’s plans to sell assets worth $4.5-5.5 billion in 2017 in order to be able to focus on areas where the company has technological advantage while it also said it is still open to new opportunities in China
The company will reportedly use the fund from the sale for corporate purposes.
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.
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