Related Keywords: based in Shanghai plans to acquire BPs, China Petroleum and Chemical Corp, deal expected to close before year end, fifty percent stake, Gaoqiao Petrochemical, in SECCO Petrochemical, purchase price payable in installments, Sinopec, wholly owned subsidiary
China Petroleum & Chemical Corp’s (Sinopec) wholly owned subsidiary Gaoqiao Petrochemical based in Shanghai plans to acquire BP Plc’s 50 percent stake in SECCO Petrochemical for $1.68 billion. The deal is expected to close before yearend with the purchase price payable in installments.
SECCO is currently owned by BP, with a 50% interest, Sinopec (30%), and Sinopec Shanghai Petrochemical (20%), in which Sinopec holds a majority interest.
