BP Sells Interest in Shanghai SECCO Petrochemical Company to Partner
April 27 2017 - 08:10AM
Dow Jones News
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)
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