BP To Unload Malaysian Ethylene Assets For $363M

Law360, New York (September 1, 2010, 1:42 PM EDT) -- BP PLC on Wednesday announced a deal to sell off its interests in ethylene and polyethylene production in Malaysia to Petronas, the state-owned oil company that already operates the businesses, for $363 million in cash.

The transaction involves BP's 15 percent interest in Ethylene Malaysia Sdn. Bhd. and its 60 percent interest in Polyethylene Malaysia Sdn. Bhd., operations that are both located in Kerteh on the eastern coast of Malaysia.

Datuk Wan Zulkiflee Wan Ariffin, Petronas’ executive vice president of downstream business, said the purchase would...
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