Oilfield Team
Oil & Gas Books Store, Petroleum Engineering Books
  • Main
  • News
  • Photo
  • Video
  • Oilfield Jobs
  • Learning Section
  • Oil & Gas Calculator

BP agrees sale of interest in SECCO to Sinopec

2017.04.29
3 135

BP today announced that it has agreed to sell its 50% stake in the Shanghai SECCO Petrochemical Company Limited (SECCO) to Gaoqiao Petrochemical Co Ltd, a 100% subsidiary of China Petroleum & Chemical Corporation (Sinopec), BP’s joint venture partner, for a total consideration of $1.68 billion.

“This decision aligns our petrochemicals business in China with our global focus on areas where BP has leading proprietary technologies and competitive advantage. China is a key region for our chemicals business and BP will continue to look for opportunities to build on our position in the country,” said Rita Griffin, chief operating officer, BP Global Petrochemicals.

SECCO is currently owned by BP (50%), Sinopec (30%) and Sinopec Shanghai Petrochemical Company Limited (20%), in which Sinopec holds a majority interest. Based in Shanghai, SECCO is a major producer of olefins - ethylene and propylene - together with polymers and other derivatives including polyethylene, polypropylene, acrylonitrile styrene, polystyrene, butadiene and other products.

“China is a country of great significance to BP given its market potential,” said Dr. Xiaoping Yang, BP China president, “BP has been committed to doing business in China for more than four decades. Looking into the future, we plan to continue to invest in China in areas that provide the best growth opportunities for BP, our Chinese partners and the country.”

The transaction is subject to a number of regulatory approvals and other conditions, subject to which, it is currently anticipated to complete before the end of the year with the consideration payable in instalments.
 

Related Posts

The Need For Workforce Housing In The Oil And Gas Industry
2023.03.28
37
The Need For Workforce Housing In The Oil And Gas Industry
The oil and gas industry is an undeniable powerhouse, and at its heart lies a dedicated workforce, c…
6 Benefits Of Precision Measurement Equipment In Oil And Gas Industries
2023.02.23
304
6 Benefits Of Precision Measurement Equipment In Oil And Gas Industries
Precise measurements are essential in various industries and applications. In oil and gas, the stake…
5 Steps To Build A Career In The Oil Industry
2022.12.05
704
5 Steps To Build A Career In The Oil Industry
Careers in the oil sector are highly diverse and may require various skill levels. That said, it&nbs…
8 Health And Safety Practices For Employees Working In Remote Areas
2022.09.06
1 305
8 Health And Safety Practices For Employees Working In Remote Areas
Some industries focusing on oil exploration and mining require working in remote locations. In these…
Market quotes are powered by TradingView.com
© Oilfield Team, 2023
About Us  | Contact Us  | Privacy Policy  
Made in studio Zuber