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Business

BP will sell Korean stake

July 24, 2006 | APPEARED IN VOLUME 84, ISSUE 30

BP is selling its 47.41% stake in Samsung Petrochemical Co. (SPC), a purified terephthalic acid joint venture with Samsung in South Korea. "BP and Samsung have different views of SPC's future strategy," says Dave Miller, president of BP's PTA business. Miller says BP remains "firmly committed" to maintaining its global leadership in the polyester raw material. The firm is currently adding PTA capacity in Zhuhai, China, and Geel, Belgium.

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