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 April, 2017
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
27 April 2017
BP agrees sale of interest in SECCO to Sinopec
BP
today announced that it has agreed to sell its 50% stake in the
Shanghai SECCO Petrochemical Company Limited (SECCO) to Gaoqiao
Petrochemical Co Ltd, a 100% subsidiary of China Petroleum &
Chemical Corporation (Sinopec), BP's joint venture partner, for a
total consideration of $1.68 billion.
"This
decision aligns our petrochemicals business in China with our
global focus on areas where BP has leading proprietary technologies
and competitive advantage. China is a key region for our chemicals
business and BP will continue to look for opportunities to build on
our position in the country," said Rita Griffin, Chief Operating
Officer, BP Global Petrochemicals.
SECCO
is currently owned by BP (50%), Sinopec (30%) and Sinopec Shanghai
Petrochemical Company Limited (20%), in which Sinopec holds a
majority interest. Based in Shanghai, SECCO is a major producer of
olefins - ethylene and propylene - together with polymers and other
derivatives including polyethylene, polypropylene, acrylonitrile
styrene, polystyrene, butadiene and other products.
"China is a country of great significance to BP
given its market potential," said Dr. Xiaoping Yang, BP China
President, "BP has been committed to doing business in China for
more than four decades. Looking into the future, we plan to
continue to invest in China in areas that provide the best growth
opportunities for BP, our Chinese partners and the
country."
The
transaction is subject to a number of regulatory approvals and
other conditions, subject to which, it is currently anticipated to
complete before the end of the year with the consideration payable
in instalments.
Notes to editors
●
The BP group's consolidated pre-tax
profit for the year-ended 31 December 2016 included the Group's
share of the net profits of SECCO amounting to $301m (comprised of
pre-tax profit of $404m, taken from SECCO's income statement and
reconciled to IFRS, and tax amounting to $103m).
●
As at 31 December 2016, the value of
the gross assets the subject of the transaction was $993
million.
●
BP intends to use the proceeds from the
disposal, most if not all of which are anticipated to be received
in 2017 (subject to completion), for general corporate
purposes.
● BP has
had a petrochemicals business in China since the 1970s, first
through technology licensing and then manufacturing joint ventures.
In addition to SECCO, BP has three other petrochemical
manufacturing joint ventures in China: purified terephthalic acid
(PTA) production in Zhuhai; and acetic acid and other acetyls
production with YARACO in Chongqing and BYACO in Nanjing. In March
2015, BP began production from Zhuhai Unit 3, the world's largest
single train PTA unit.
●
BP is one of the leading foreign
investors in the Chinese oil and gas sector. BP's business
activities in China include exploration and development,
petrochemicals manufacturing and marketing, aviation fuel supply,
oil products retailing, lubricants, oil and gas supply and trading,
LNG terminal and trunk line and the chemicals technology licensing.
Building on its business successes in China, BP has also expanded
partnerships with the national energy companies beyond the
country's borders.
●
BP is a partner of Sinopec in China as well as
internationally on a variety of projects in both the Upstream and
Downstream.
Further information
- 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: 27 April 2017
/s/ J. BERTELSEN
J. BERTELSEN
Deputy Company Secretary