BP poised to divest SPC

Robinson, Simon
July 2006
ICIS Chemical Business;7/24/2006, Vol. 1 Issue 29, p11
Trade Publication
This article states that British Petroleum (BP) is looking for a buyer for its 47.41% stake in its purified terephthalic acid (PTA) joint venture in South Korea with Samsung, known as Samsung Petrochemical Co (SPC). SPC has a production capacity of 1.8m tonne/year, but the two main shareholders 'have different views of SPC's future strategy. Samsung has been pushing for the diversification of SPC's product range, while BP remains focused on producing low-cost PTA, explained a BP spokesman. BP confirmed that it is committed to PTA and is pressing ahead with the deployment of its new low-cost technology with two projects, a 900 000 tonne/ year unit in Zhuhai, China, and a 350 000 tonne/year expansion of Geel in Belgium.


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