By Olga Cotaga

 

LONDON--BP PLC (BP.LN) said Thursday it is selling its 50% stake in the Shanghai SECCO Petrochemical Company Ltd. for $1.68 billion to its joint-venture partner, China Petroleum & Chemical Corp.

The other half of Shanghai SECCO is owned by Sinopec, a subsidiary of China Petroleum, and Sinopec Shanghai Petrochemical Company Ltd., which is mostly owned by Sinopec.

At 1135 GMT, BP's shares were down 4.45 pence, or 1%, at 449.20 pence valuing the company at GBP88.39 billion.

 

-Write to Olga Cotaga at olga.cotaga@wsj.com, Twitter @OlgaCotaga

 

(END) Dow Jones Newswires

April 27, 2017 07:55 ET (11:55 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.
BP (NYSE:BP)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more BP Charts.
BP (NYSE:BP)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more BP Charts.