BP BP Plc

By Oliver Griffin

BP PLC (BP.LN) has signed a memorandum of understanding with Zhejiang Petroleum and Chemical Corp. to examine the potential to create a new joint venture that would build and operate an acetic acid plant in eastern China.

The oil-and-gas company said on Friday that the proposed 1 million metric ton per year plant will use its CATIVA XL technology to produce acetic acid, a versatile intermediate chemical used in a variety of products such as paints, adhesives and solvents.

Rita Griffin, chief operating officer of BP's petrochemicals business, said the agreement was a significant new opportunity for the company in one of the world's fastest-growing petrochemicals markets.

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

(END) Dow Jones Newswires

October 18, 2019 05:32 ET (09:32 GMT)

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