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Business
BP will exit big China joint venture
by Michael McCoy
June 27, 2017
| A version of this story appeared in
Volume 95, Issue 18
BP will sell its 50% stake in the Shanghai SECCO Petrochemical olefins and derivatives joint venture to its partner, China’s Sinopec, for $1.68 billion. BP and Sinopec started up SECCO in 2005 at a cost of close to $3 billion. BP now says it is focusing its Chinese petrochemicals business in areas where it has proprietary technology—mainly purified terephthalic acid and acetyls. The company exited olefins production in the U.S. and Europe years ago.
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