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BP to sell its entire 36.9% stake in Trinidadís Atlas methanol plant

September 30/2011

(ICIS) -- BP wants to sell its entire 36.9% stake in Trinidadís Atlas methanol plant as part of the oil giantís ongoing asset divestment programme, the company said on Thursday. A spokesman said BP was marketing its stake in the 1.7m tonne/year plant, which is a joint venture between BP and Methanex. The spokesman did not elaborate as to possible buyers. Canadian-based Methanex is majority owner of the plant and is considered a logical buyer for BPís portion.

A research note issued by Dahlman Rose in New York said, ďWe continue to believe that Methanex is the most likely buyer as it has 63.1% majority ownership interest and controls 100% of the distribution rights to the methanol.Ē

The report estimated that BPís share of the Atlas plant is worth $125m-175m (?93m-130m).
Methanex did not immediately return calls seeking comment. The US is a net importer of methanol. Plants at Trinidadís Point Lisas Industrial Estate provide more than 70% of America's imports.

BP has committed to sell up to $30bn of non-core assets to help cover the cleanup costs of the Deepwater Horizon oil disaster in the Gulf of Mexico in April 2010. The blowout left 11 workers dead and created one of the largest ever oil spills.

The British oil company has been selling assets for most of this year. Earlier this month, BP said it had sold assets in Africa for $296m to oil trading major Trafigura.

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