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BP Sells Malaysian Petrochemical Business to Petronas

2:36 AM MDT | September 1, 2010 | Natasha Alperowicz

BP says it has agreed to sell its interests in ethylene and polyethylene (PE) assets in Malaysia to its partner Petronas. Under the terms of the deal, BP will sell its 15% stake in Ethylene Malaysia Sdn Bhd (EMBS) and its 60% share in Polyethylene Malaysia Sdn Bhd (PEMSB), both of which are operated by Petronas and are located at Kerteh on the east coast of Malaysia. The company says its other businesses in Malaysia are not affected. Petronas will pay $363 million in cash to BP, inclusive of balance sheet adjustment of $13 million and the repayment of a...

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