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Article: BP plans to sell over 50% of petrochemicals business and prepares for IPO.(Brand Projects)(British Petroleum Company PLC's initial public offerings)
- Article from:
- China Chemical Reporter
- Article date:
- May 16, 2004
CopyrightCOPYRIGHT 2004 China National Chemical Information Center. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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On April 27, 2004, BP announced that it plans to consolidate the Olefins and Derivatives (O&D) division of its petrochemicals business into a stand-alone entity able to operate separately from the BP Group.
The new O&D business will incorporate more than half of the $13 billion of operating capital employed in BP's petrochemicals portfolio, giving it the scale to be a major independent player in the global petrochemicals sector.
It will be headed by Ralph Alexander, who was today named as chief executive of BP's petrochemicals business with effect from July 1, 2004.
BP said it plans to sell O&D in due course, possibly through an Initial Public ...