Infignos Media -- buyersUSA Consulting
NOW PLAYING
15 Radio Streams
Click Here
Attracting Your Love
Advertise Here

From Energy - Oil / Energy

Brought to you by Batteries Unlimited

Your local source for just about every battery you can imagine. Call us first at 256-238-9005.

Bladder Control

BP to Sell Malaysian PTA Interests to Indias Reliance

Mon, 1 Oct 2012 10:20:00 EST

BP today announced that it has agreed to sell all its interests in purified terephthalic acid (PTA) production in Malaysia to Reliance Global Holdings Pte. Ltd. (Reliance). The agreement concerns BP's 100 per cent equity in BP Chemicals (Malaysia) Sdn Bhd (BPCM), located at Kuantan on the east coast of Malaysia.

Reliance has agreed to purchase BP's interest in BPCM for $230 million in cash and both parties anticipate completing the transaction in 2012.

James Yim, head of BP's aromatics business in Asia, said: 'This is an efficient plant with a good market position in the region. RECRON Malaysia, part of the Reliance Group, is already our largest customer in Malaysia and Reliance Industries is a significant feedstock supplier at Kuantan, so Reliance is a natural owner of this plant.'

Nick Elmslie, chief executive of BP Petrochemicals said: 'BP has a major, global PTA business, with around one fifth of global PTA production capacity and a track record of leading technology. We will continue to concentrate our PTA strategy on deploying new technologies into high growth markets like China where we are in the middle of a considerable expansion programme, and in OECD markets where our technology gives us an advantage and high utilization rates.

'We are also building new revenue streams by licensing our PTA and paraxylene technologies.'

All current staff of BPCM are expected to transfer to the new owners under equivalent terms and conditions. BP's acetic acid manufacturing and marketing business in Malaysia is unaffected by this sale.

 

-----

-The $230 million in cash includes the net value of working capital and cash, estimated at a Malaysian Ringgit to US Dollars exchange rate of 3.1. The final value will be determined by prevailing Ringgit exchange rate before completion of the sale.
-Including this agreement, BP has agreed divestments of assets with a total value of around $33 billion since the start of 2010. BP currently expects to increase this total to $38 billion by the end of 2013.
-BPCM's PTA plant, commissioned in 1996, has nameplate production capacity of 610,000 tonnes per year (tpa).*
-BP's current net global PTA capacity is 7.5 million tonnes per year (mtpa) from eight sites in the US (2), Belgium, China, Indonesia, Malaysia and Taiwan (2). The largest is at Zhuhai, China where expansion of its current capacity of 1.5mtpa is expected to add a further 1.25mtpa by 2014, making it one of the world's largest PTA manufacturing sites.*
-BP has been present in Malaysia since the 1960s and has over 850 staff in the country, including BPCM.
-BP has a 70 per cent interest in a 560,000tpa acetic acid plant in Kertih*; a lubricants plant at Port Klang; and markets lubricants in Malaysia under both the Castrol and BP brands.
-BP is currently in the process of growing its Asian Business Service Centre in Kuala Lumpur, which supports business and functional operations both regionally and globally.

* See BP Financial & Operating Information, 2007-11.


Cautionary statement:
This press release contains forward-looking statements, including statements with respect to the expected completion of BP's disposal of its interest in BP Chemicals Malaysia Sdn Bhd (BPCM); future growth in BP's business in Malaysia; the expected transfer of BPCM staff; and BP's purified terephthalic acid strategy and expansion programme; and other statements which are generally, but not always, identified by the use of words such as 'intent', 'expects to', 'seeks to', and similar expressions. Forward-looking statements involve risks and uncertainties because they depend on circumstances that will or may occur in the future. Actual results may differ depending on a variety of factors, including regulatory actions, general economic conditions; future levels of industry product supply, demand and pricing; and other factors discussed in this press release and in BP's Annual Report and Form 20-F 2011 (SEC File No. 1-06262) as filed with the United States Securities and Exchange Commission.


Source: WebWire



From Our Blogs

New Ways to Volunteer in Your Community and Beyond

There are a variety of new ways you can make an impact in your community.

Ways to Keep Your Community Safer

As an average citizen, there are several steps you can take to make your community safer.

Tips to Make Playtime Educational and Fun

Playtime should be fun and educational.

How to Turn Personal Obstacles into Triumphs

Young is offering insights into how to turn your impediments into assets.


Sign up for our weekly newsletter.

Our Website Sponsors

Frontera Bar & Grill

Mexican quisine at it's finest. For lunch, dinner or take out, visit Frontera Bar & Grill 1750 Hamric Dr E Oxford, AL 36203? (256) 835-9905

Signature In Home Care

Our mission is to help seniors remain independent in their homes as long as possible by offering quality, affordable care. We can also provide a helping hand with activities of daily living. Call 1-877-777-1822 or 256-831-3250

Miller Funeral Home and Crematory

For pre-planning or immediate funeral services call us at 256-831-4611 or visit www.millerfuneralhomeoxford.com.

Lake Winnepesaukah Amusement Park

Come On Get Happy! The South's Favorite Family Amusement Park! 1730 Lakeview Drive, Rossville, Ga. 30741 1-877-525-3946 www.lakewinnie.com

East Alabama Regional Planning Commission

Quintard Tower, Suite 300 1130 Quintard Avenue,Anniston, AL 36201 Phone Toll Free - 800-239-6741,Local - 256-237-6741,Fax - 256-237-6763