Issue Date: May 1, 2017
BP will exit big Chinese joint venture
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 sold its olefins business in the U.S. and Europe to Ineos in 2006.
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