BP's current strategy for PTA expansion does not include investments in PTA assets in the Middle East, where demand for PTA is very limited. BP PLC has declined to participate in a planned petrochemical joint venture to produce purified terephthalic acid (PTA) in the United Arab Emirates (UAE) to be led by Taiwan's Chinese Petroleum Corp. (CPC). Earlier this year, BP was invited by CPC to take part in a feasibility study through their joint venture, China American Petrochemical Co. BP was also given the option of to making a 20% equity investment through Capco in the planned joint venture with CPC and state-run Abu Dhabi National Oil Co. This decision however, does not alter BP's commitment as an investor in Capco.
27-Jul-06 
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