BP to sell Chinese joint venture stake to Sinopec
Oil giant retains significant investment in China, but is shifting focus
Oil giant BP has agreed to sell its 50% stake in China’s Shanghai Secco Petrochemical to Gaoqiao Petrochemical, a subsidiary of state-owned Sinopec, for $1.7 billion (£1.3 billion).
Rita Griffin, chief operating officer of BP Global Petrochemicals said in a statement that the decision ‘aligns our petrochemicals business in China with our global focus on areas where BP has leading proprietary technologies and competitive advantage’.