Three chemical companies are after BP’s stake in Shanghai Secco
SECCO, one of the biggest petrochemical joint venture projects in China, 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.
INEOS, Borealis and SK Chemicals are the bidding companies. Meanwhile, Reuters reported that one more company may be added to this list.
BP aims to focus on its business by divesting $3 to $5 billion worth of assets.
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