Reliance to Buy BP’s PTA Assets in Malaysia for $230 Million

BP today confirmed CW’s earlier report that the company will sell its interests in purified terephthalic acid (PTA) production in Malaysia to Reliance Industries (Mumbai). The agreement between BP and Reliance is for BP’s 100% equity in BP Chemicals Malaysia (BPCM), located at Kuantan, on the east coast of Malaysia. Reliance has agreed to purchase BP’s interest in BPCM for $230 million. The transaction is expected to be completed this year. BPCM’s PTA plant, commissioned in 1996, has a production capacity of 610,000 m.t./year. BP’s...

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