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Three chemical companies are after BP’s stake in Shanghai Secco

by ChemOrbis Editorial Team -
  • 21/09/2016 (14:03)
According to media reports, three chemical companies are seeking a piece of BP’s 50% stake in its petrochemical joint venture, Shanghai SECCO Petrochemical Company, which is valued at $2-3 billion.

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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