BP to end partnership in PTA JV with Taiwan's CPC Corp?

22-Oct-07

BP may pull out of its purified terephthalic acid (PTA) joint venture with Taiwan's CPC Corp. The Taiwanese joint venture, China American Petrochemical Co., has reported a net loss of NT$2.2 billion for 2006, its first loss since it was set up in 1976, because of high inventories and weak demand. BP owns 61.4% of the joint venture and CPC controls the balance. This move could be in line with its move earlier this month wherein BP withdrew from a similar venture in South Korea.