BP to sell its 50% stake in Chinese petrochemicals joint venture
BP is reportedly selling its 50% stake in Chinese petrochemicals joint venture SECCO, its largest investment in China. BP is said to have hired an investment bank to sell its shares in SECCO.
State-owned China Petroleum & Chemical Corp. (Sinopec), which owns the other half of the joint venture, which has a right of first refusal, said it was discussing the conditions put forward by BP, but has made no decisions.
Situated in Caojing near Shanghai, SECCO is China’s largest petrochemicals refinery and was built at a cost of USD 2.7 billion. The joint venture was formed in 2001 and produces ethylene and propylene, which are used to make resins, plastics and synthetic rubbers.