X Close

Archives

Saturday September 29, 2012

BP sells PTA plant in Malaysia for RM713mil

NEW DELHI: BP Plc will sell its purified terephthalic acid (PTA) production plant in Malaysia to India's Reliance Global Holdings Pte Ltd for US$230mil (RM713mil).

The agreement concerned BP's 100% equity in Kuantan-based BP Chemicals (M) Sdn Bhd (BPCM), British oil and gas giant said.

The transaction would be completed by the year-end, it said in a statement.

“This is an efficient plant with a good market position in the region,” said James Yim, head of BP's aromatics business in Asia.

“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,” he said.

Nick Elmslie, chief executive of BP Petrochemicals said that BP had a major, global PTA business, with around one fifth of global PTA production capacity and a track record of leading technology.

“Hence, BP would continue to concentrate its PTA strategy on deploying new technologies into high-growth markets like China where the company is in the middle of a considerable expansion programme,” he said.

BP's current net global PTA capacity is 7.5 million tonnes per year (mtpa). Its largest plant is in Zhuhai, China where expansion of its current capacity of 1.5 mtpa is expected to add a further 1.25 mtpa by 2014, making it one of the world's largest PTA manufacturing sites.

BP's acetic acid manufacturing and marketing business in Malaysia was unaffected by the sale, said BP. - Bernama

advertisement

  1. They'd rather take pictures than help
  2. Lawyer suffocates in attempt to rescue puppies from metre-deep hole
  3. Firefly flight bound for Kota Baru forced to turn back
  4. When the world turns upside down
  5. Malacca treasure no longer a myth
  6. The Obama double in Malaysia
  7. TV series 'Indian Summers' to be shot in Penang
  8. Babysitter swings one-year-old - and kills her instead
  9. Malaysian passport 9th best in the world
  10. Japanese oil tanker robbed, three crew believed kidnapped in dramatic dawn raid

advertisement

advertisement