BP (BP) - Get 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 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.
(What will move markets this quarter and how should investors position themselves ahead of time? Jim Cramer sat down with four of TheStreet's top columnists recently to get their views. Click here to listen to his latest Trading Strategies roundtable with them and read their advice for stocks, bonds, forex and gold.)