BP sells stakes in Malaysian companies
Source: Agencies |
September 2, 2010, Thursday
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Print Edition
Print Edition
BRITAIN'S BP Plc said yesterday it is selling its interests in Malaysian ethelyne and polyethelene production to the country's national oil company for US$363 million.
BP holds 15 percent of Ethylene Malaysia Sdn Bhd and 60 percent of Polyethylene Malaysia Sdn Bhd, though both are operated by Petronas, the national oil firm.
BP has recently been selling assets to raise cash to meet the costs of the disastrous oil well blowout in the Gulf of Mexico. It will retain other operations in Malaysia including its Asian Business Service Center in Kuala Lumpur.
The cash payment includes a loan repayment of US$53 million and a US$13 million balance sheet adjustment, BP said. The British company will also receive a pre-closing dividend payment of US$48 million, subject to approval by the Ethelyne Malaysia board.
BP holds 15 percent of Ethylene Malaysia Sdn Bhd and 60 percent of Polyethylene Malaysia Sdn Bhd, though both are operated by Petronas, the national oil firm.
BP has recently been selling assets to raise cash to meet the costs of the disastrous oil well blowout in the Gulf of Mexico. It will retain other operations in Malaysia including its Asian Business Service Center in Kuala Lumpur.
The cash payment includes a loan repayment of US$53 million and a US$13 million balance sheet adjustment, BP said. The British company will also receive a pre-closing dividend payment of US$48 million, subject to approval by the Ethelyne Malaysia board.
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