Gulf Oil and Gas accountACCOUNT

BP Agrees Sale of Interest in SECCO to Sinopec

Source: www.gulfoilandgas.com 4/27/2017, Location: Asia

BP 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.

Mergers and Acquisitions News in China >>

Azerbaijan >>  2/10/2020 - SOCAR-AQS and Halliburton Company (HAL) announced the companies have signed a Memorandum of Understanding (MOU) to form a new joint venture to provide...
Australia >>  2/5/2020 - Melbana Energy Limited advises that the offers made under the off market takeover bid made by Melbana Energy for all of the ordinary shares in Metgasc...

Brazil >>  1/31/2020 - Petrobras has started the opportunity disclosure stage (teaser), regarding the sales of all of its equity stakes in the companies Eolica Mangue Seco 1...
United Kingdom >>  1/31/2020 - Chrysaor’s talks to buy smaller regional rival Siccar Point have ended after a large gap between their price expectations. The breakdown in negotiatio...

United States >>  1/31/2020 - Talos Energy Inc. announced the filing of a preliminary Schedule 14C information statement with the Securities and Exchange Commission (“SEC”), an imp...
Norway >>  1/30/2020 - Zenith Energy Ltd., (Zenith) is pleased to announce the establishment of its fully owned Norwegian subsidiary, Zenith Energy AS (Zenith Norway). ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


China Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.