The sale represents BP’s first major divestment of a year in which it expects to sell assets worth between $4.5 billion and $5.5 billion this year.

It said it decided to sell out of the business because it wants to focus on areas where BP has proprietary technologies that give them a competitive advantage. However, the company said it remains open to potential chemicals deals in China.

“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,” said Rita Griffin, chief operating officer of BP’s global petrochemicals division.

The oil major said it intends to use the funds raised from the SECCO sale for general corporate purposes.

——————————

Access tank storage data on tank terminals worldwide and help your company grow locally or internationally. Learn more.