BP looking for China petchem exit

China

SHANGHAI , August 9, 2016 – BP is reportedly looking for ways to withdraw from its Shanghai SECCO petrochemicals joint venture, industry sources said on Tuesday.

BP, which holds a 50% stake in the Chinese petrochemicals venture through BP East China Investment Company, has enlisted an investment bank to help divest its SECCO shareholding, sources told Reuters. Various entities have allegedly been approached, including Chinese refiners, companies from Taiwan, Japanese businesses, South Korean firms and majors in Europe.

Established in 2001 in partnership with China Petroleum and Chemical Corporation, commonly known as Sinopec, and Shanghai Petrochemical Company, the entity operates eight plants. BP’s shareholding is valued at between USD 2 billion and USD 3 billion