SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
for the period ended 10 October 2007
BP p.l.c.
(Translation of registrant's name into English)
1 ST JAMES'S SQUARE, LONDON, SW1Y 4PD, ENGLAND
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F |X| Form 40-F
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No |X|
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press release
October 10, 2007
BP SELLS SHARES IN SPC IN KOREA
TO SAMSUNG CORPORATION and Ms LEE, BOO JIN
BP announced today that it has agreed to sell its 47.41% equity interest in
Samsung Petrochemical Co., Ltd. (SPC), to Samsung Corporation and Ms Lee, Boo
Jin for consideration of $70m in cash. SPC, located in South Korea, is one of
the leading producers of purified terephthalic acid (PTA) in Asia with a total
production capacity in excess of 1.8 million tonnes per year. PTA is the
preferred raw material used to manufacture polyester.
Dave Miller, president of BP's Asian and European Aromatics business said, "The
conclusion of this deal is consistent with our stated strategic intent to exit
the Korean PTA market. BP as one of the world's largest manufacturers and
marketers of PTA is firmly committed to maintaining global leadership and to
providing reliable, competitive, and high quality PTA to our customers. Through
the rapid deployment of our new industry leading PTA technology we are investing
in all of the world's major markets with major expansions coming on-stream in
Asia and Europe in the next six months."
Note to editors
- BP is one of the world's largest oil and gas companies, serving about 13
million customers every day in more than 100 countries across six
continents. BP's business segments are Exploration and Production; Refining
and Marketing; and Gas, Power and Renewables which includes its Alternative
Energy business. Through these business segments, BP provides fuel for
transportation, energy for heat and light, retail services, and
petrochemicals products.
- SPC was previsously owned by BP (47.41%), Samsung (47.41%) and Shinsegae
(5.18%). It is staffed by Samsung personnel, headquartered in Seoul and
operates four PTA plants on two separate sites; Ulsan Petrochemical Complex
(approximately 400 km from Seoul) and Daesan Petrochemical Complex
(approximately 145 km from Seoul and 400 km from China) with a total
production capacity in excess of 1.8 million tonnes per year).
- PTA is the preferred raw material used to manufacture polyethylene
terephthalate (PET), a polyester polymer widely used for the production of
textiles, bottles,packaging and film products.
- BP has been a leader in PTA for over 30 years, with a strong record of
growth and innovation in this business. BP has a global PTA production
capacity share of over 20 per cent excluding JV partner share. The number
of PTA units operated by BP and its joint ventures is 21 at sites located
in Asia, the Americas and Europe with a total combined annual production
capacity of more than 8 million tonnes (including JV partner share).
- BP has enjoyed more than 30 years of success in South Korea. BP's other
activities in South Korea - Samsung BP Chemicals, Asian Acetyls, K-Power,
lubricants and shipping are unaffected by the decision to exit SPC.
Further information:
Robert Wine, tel: +44 207 496 4076
- ENDS -
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BP p.l.c.
(Registrant)
Dated: 10 October 2007 /s/ D. J. PEARL
..............................
D. J. PEARL
Deputy Company Secretary