BP PLC 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.
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 US$200 mln 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.
07-Jan-16 
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