01 February 2011 10:46 [Source: ICIS news]
LONDON (ICIS)--BP plans to find buyers for its ?xml:namespace>
The company expected to complete the sale of the refineries - one is in
The divestment would halve BP's refining capacity in the
"The US remains a very important market for BP's fuels, lubricants and petrochemicals businesses and the moves we have announced today will give BP a smaller but well-positioned and very competitive portfolio of refining and marketing businesses," said Iain Conn, BP chief executive for refining and marketing.
BP said it planned to focus future downstream investment in the US on further improving its other, more advantaged refining and marketing (R&M) networks in the country based around the Whiting, Indiana, and Cherry Point, Washington, refineries and its 50% interest in the refinery at Toledo, Ohio, which have greater flexibility to refine a range of crude oils, including heavy grades.
BP added that it intended to retain the Texas City Chemicals complex adjoining the refinery.
Earlier on Tuesday, BP reported that its R&M business posted a replacement cost profit before interest and tax of $964m (€704m) in the fourth quarter of 2010, reversing a $1.94bn loss incurred in the previous corresponding period, on the back of a stronger overall refining environment.
In March 2005, an explosion at BP’s
($1 = €0.73)
To discuss issues facing the chemical industry visit ICIS connect
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections