Disposal

BP Amoco PLC 16 November 2000 FOR IMMEDIATE RELEASE 49/00 NOVEMBER 15, 2000 The following release was issued in New York at 2100 GMT on November 14, 2000 BP TO OFFER THREE US REFINERIES FOR SALE BP announced today that it intends to sell three of its US refineries and their associated facilities as part of the company's global refining strategy detailed in July 2000. The three refineries - Salt Lake City in Utah, Mandan in North Dakota and Yorktown in Virginia - have a combined capacity of 177,000 barrels a day. 'These three refineries which are top performers in every area do not fit our new strategy of retaining only those refineries which provide advantaged supplies for our marketing operation or are integrated with other parts of our business but as we have already received a number of unsolicited inquiries from potential purchasers we anticipate that the sales process will be highly competitive,' said John Manzoni, BP's regional president for the US eastern states. 'These divestments together with the recently completed sale of the Alliance Refinery in Louisiana and the intended sale of our stake in the Singapore Refining Company will meet our target of reducing worldwide refining capacity by around 500,000 barrels a day, giving us the flexibility to provide products for the Group's marketing operations in the most cost effective manner.' BP said that the three refineries - which primarily supply wholesale product to the local markets rather than the company's own marketing operations - will continue to operate normally during the sales process. BP added that although it anticipates the assets will be of interest to a number of potential purchasers it will continue to own and operate the refineries if it does not receive acceptable offers. The Salt Lake City refinery employs approximately 190 people and has five processing units, converting about 55,000 barrels of crude oil a day into gasoline, jet fuel, diesel fuel, propane and industrial heating oil. In addition to the refinery, the terminal in Salt Lake and those in Boise and Burley, Idaho, will be offered for sale. The Mandan refinery employs around 210 people and refines up to 60,000 barrels of crude a day into gasoline and distillates such as diesel and jet fuel. The refinery's bulk storage, pipeline and terminal operations will be included in the sale. The Yorktown refinery processes about 62,000 barrels of crude oil a day into various gasolines and distillates and employs around 200 people. Other facilities that will be included in the sale are a deep water dock, waste water treatment plant, bulk storage tanks and terminal operations. 'Given the quality of the personnel at each of our facilities we would expect potential purchasers to retain the majority of them,' said Al Kozinski, BP's group vice president of refining. 'However, should any employee lose their jobs as a result of the divestments, BP will assist them in finding new employment and will provide appropriate severance benefits to eligible employees.' BP said it would start marketing the refineries in the next few weeks and that the sale process should be completed by mid-2001. Notes to Editors: * BP's Alliance Refinery in Louisiana was sold to Tosco in September 2000. * In addition to the three refineries being offered for sale, BP operates five other refineries in the US - Whiting in Indiana, Toledo in Ohio, Texas City in Texas, Cherry Point in Washington and Carson in California. * Once the divestment process is complete, BP will have a total worldwide refining capacity of some 2.8 million barrels a day, of which about 1.5 million barrels will be in the US. Further information: Wendy Silcock, BP Press Office, London +44 (0)20 7496 4358 - ENDS -

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