BP (BP) - Get Free Report said on Thursday that it is selling its 50% stake in the Shanghai SECCO Petroleum Company to Gaoqiao Petroleum Co., a 100% subsidiary of China Petroleum (SNP) - Get Free Report , BP's joint venture partner. The sale is for a total consideration of $1.68 billion.
"This decision aligns our petrochemicals business in China with our global focus on areas where BP has leading proprietary technologies and competitive advantage. China is a key region for our chemicals business and BP will continue to look for opportunities to build on our position in the country," BP Global Petrochemicals COO Rita Griffin said in a statement announcing the sale.
BP stock is lower slightly in pre-market trading this morning.
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