26 March 2002 00:12 [Source: ICIS news]
SAN ANTONIO, Texas (CNI)--BP Chemicals confirmed here on Monday that it is in detailed talks with Sterling Chemicals over the purchase of its acetic acid assets.
Andrew Mackenzie, group vice president for chemicals with BP America, told CNI in an interview on the sidelines of the International Petrochemicals Conference (IPC) that discussions were likely to be concluded "in a matter of weeks".
BP is a major supplier to Sterling and is a partner with the financially beleaguered company in several ventures. Houston-based Sterling is operating under Chapter 11 of the US Bankruptcy Code.
Mackenzie did not entirely rule out a BP interest in other Sterling assets. However, he stressed that BP’s main objective was to evaluate Sterling’s acetic acid operations. BP is a major global player in acetic acid.
The IPC, which is sponsored by the National Petrochemicals & Refiners Association (NPRA), concludes on Tuesday.
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