In its ongoing effort to raise $30 billion over the next 17 months to pay for liabilities, claims and cleanup related to the Gulf of Mexico oil spill, BP has agreed to sell assets in Malaysia to Petronas for $363 million.
Petronas, or Petroliam Nasional Bhd., is the national oil company of Malaysia.
The assets being sold are Polyethylene Malaysia Sdn Bhd, which BP holds a 60 percent stake, and Ethylene Malaysia Sdn Bhd, where BP holds a 15 percent stake.
In a statement, Sue Rataj, president of BP’s Global Petrochemicals Business, said, “BP will continue to focus on the development and expansion of our olefins and derivatives business in China, and other large rapidly growing markets, and pursue opportunities in China and India.”
The is expected to close near the end of 2010.
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