Three companies set to bid for BP's 50% stake in Chinese petrochemicals plant

17-Sep-16

At least three chemical companies are set to bid for BP's 50% stake in Chinese petrochemicals joint venture SECCO which could fetch more than US$2 bln, as per Reuters. SK Chemicals, a pharmaceutical unit of South Korea's SK Group; Austrian plastics group Borealis, owned by Abu Dhabi's sovereign wealth fund IPIC and oil and gas company OMV; and privately-owned Switzerland-based chemicals company Ineos reportedly will bid for the asset, BP's largest investment in China.

Sinopec, BP's partner in the joint venture, has a right of first refusal on any deal, and it is not known what the state-owned group may decide.