Petchem unit in Korea sold

BP PLC
10 October 2007

press release

October 10, 2007


                        BP SELLS SHARES IN SPC IN KOREA

                   TO SAMSUNG CORPORATION and Ms LEE, BOO JIN


BP announced today that it has agreed to sell its 47.41% equity interest in
Samsung Petrochemical Co., Ltd. (SPC), to Samsung Corporation and Ms Lee, Boo
Jin for consideration of $70m in cash. SPC, located in South Korea, is one of
the leading producers of purified terephthalic acid (PTA) in Asia with a total
production capacity in excess of 1.8 million tonnes per year. PTA is the
preferred raw material used to manufacture polyester.

Dave Miller, president of BP's Asian and European Aromatics business said, 'The
conclusion of this deal is consistent with our stated strategic intent to exit
the Korean PTA market. BP as one of the world's largest manufacturers and
marketers of PTA is firmly committed to maintaining global leadership and to
providing reliable, competitive, and high quality PTA to our customers. Through
the rapid deployment of our new industry leading PTA technology we are investing
in all of the world's major markets with major expansions coming on-stream in
Asia and Europe in the next six months.'

Note to editors
          
•    BP is one of the world's largest oil and gas companies, serving about 13
     million customers every day in more than 100 countries across six 
     continents. BP's business segments are Exploration and Production; Refining 
     and Marketing; and Gas, Power and Renewables which includes its Alternative 
     Energy business. Through these business segments, BP provides fuel for 
     transportation, energy for heat and light, retail services, and 
     petrochemicals products.

•    SPC was previsously owned by BP (47.41%), Samsung (47.41%) and Shinsegae
     (5.18%). It is staffed by Samsung personnel, headquartered in Seoul and 
     operates four PTA plants on two separate sites; Ulsan Petrochemical Complex
     (approximately 400 km from Seoul) and Daesan Petrochemical Complex
     (approximately 145 km from Seoul and 400 km from China) with a total 
     production capacity in excess of 1.8 million tonnes per year).

•    PTA is the preferred raw material used to manufacture polyethylene 
     terephthalate (PET), a polyester polymer widely used for the production of
     textiles, bottles,packaging and film products.

•    BP has been a leader in PTA for over 30 years, with a strong record of 
     growth and innovation in this business. BP has a global PTA production 
     capacity share of over 20 per cent excluding JV partner share. The number 
     of PTA units operated by BP and its joint ventures is 21 at sites located 
     in Asia, the Americas and Europe with a total combined annual production 
     capacity of more than 8 million tonnes (including JV partner share).

•    BP has enjoyed more than 30 years of success in South Korea. BP's other
     activities in South Korea - Samsung BP Chemicals, Asian Acetyls, K-Power,
     lubricants and shipping are unaffected by the decision to exit SPC.

Further information:

Robert Wine, tel: [phone]

                                    - ENDS -




                      This information is provided by RNS
            The company news service from the London Stock Exchange

ND
DISOKKKQCBDKDKD