BP sells Malaysian interests for $363m
LONDON - BP is to sell its ethylene and polyethylene operations in Malaysia to Petronas for $363 million in cash, continuing a disposal programme as a result of the huge financial cost of the Gulf of Mexico oil spill, Reuters reported.
The British oil giant said on Wednesday that it would sell its 15 percent stake in Ethylene Malaysia (EMSB) and its 60 percent interest in Polyethylene Malaysia to state owned Petronas, which already operates the two businesses.
"Whilst these are attractive businesses with strong domestic and regional markets, BP recognizes that Petronas is their natural owner," BP said in a statement.
Under the terms of the deal BP will also receive a pre-closing dividend of $48 million from EMSB.
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