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.
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.
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At 1135 GMT, BP's shares were down 4.45 pence, or 1%, at 449.20 pence valuing the company at GBP88.39 billion.
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(END) Dow Jones Newswires
April 27, 2017 07:55 ET (11:55 GMT)