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BP sells its Malaisian stake to Petronas

September 02/2010

(Telegraph) -- BP has continued its asset disposal programme, as it attempts to raise between $25bn and $30bn to cover the cost of the oil spill. BP is raising $363m from the sale of its Malaysian petrochemical operations to state-owned group Petronas.


The oil company is selling its 15pc stake in Ethylene Malaysia and a 60pc interest in Polyethylene Malaysia to the Petronas, which already operates the two businesses. The transaction is expected to complete by the end of the year.

BP will also be eligible for a possible $48m dividend from the ethylene unit, subject to approval of the Malaysian company"s board. The cash payment includes a loan repayment of $53m and a $13m balance sheet adjustment, BP said.


BP sells its Malaisian stake to Petronas







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