BP to Sell Alabama Petrochemical Complex to Indorama Ventures for Undisclosed Sum
07 1월 2016 - 1:36AM
Dow Jones News
By Razak Musah Baba
LONDON--BP PLC (BP.LN) is selling its petrochemical complex in
Decatur, Alabama, to Indorama Ventures Public Co. Ltd. (IVL.TH),
for an undisclosed sum, as part BP's plan to restructure its global
petrochemicals business.
"This agreement allows us to focus investment on our world-class
PTA [purified terephthalic acid] production facility in Cooper
River, South Carolina, and a key PTA feedstock producer in Texas
City, Texas, as well as to maintain a strong position in the
important U.S. petrochemicals industry," Rita Griffin, chief
operating officer of BP Global Petrochemicals, said.
Under the terms of the agreement, Indorama Ventures will
purchase the Decatur complex including working capital and related
infrastructure and assume certain contracts with suppliers and
customers.
The parties anticipate the deal to be closed in early 2016 when
employees will transfer to the new owner.
Also Wednesday BP said it is spending $200 million to upgrade
its Cooper River, S.C., plant and its sister facility in Geel,
Belgium--the largest PTA-producing sites in the Americas and
Europe, respectively.
The investment will enable the two facilities to lower operating
costs, improve reliability and reduce emissions, it said.
BP said it has substantially completed its $10 billion
divestment program for the 2014 and 2015 period.
The company expects $3 billion to $5 billion of divestments in
2016 and ongoing divestments averaging around $2 billion to $3
billion a year thereafter.
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
(END) Dow Jones Newswires
January 06, 2016 11:21 ET (16:21 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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