BP Sells Interest in Shanghai SECCO Petrochemical Company to Partner

By Olga Cotaga Features Dow Jones Newswires

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.

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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)