BP has announced the $1.68 billion sale of its 50 per cent stake in Shangahi SECCO Petrochemical Company Limited (SECCO) to China Petroleum & Chemical Corporation (Sinopec).
SECCO is currently owned by BP, Sinopec, and Sinopec Shanghai Petrochemical Company Limited.
Gaoqiao Petrochemical, a subsidiary of Sinopec, will pick up the sale.
Rita Griffin, chief operating officer of BP Global Petrochemicals, said: “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.”
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