BP sells Fujian joint venture; exits from China LPG market

18 November 2013 08:25  [Source: ICIS news]

SINGAPORE (ICIS)--BP has finalised a deal with Fuzhou China Resources Gas to sell the latter all of its 67% stake in BP Fujian, marking the British firm’s full exit from China liquefied petroleum gas (LPG) market, a market source said on Monday.

Upon completion, BP Fujian will be wholly owned by Fuzhou China Resources Gas, which holds a 33% stake.

The transaction is expected to be completed before the end of this year, according to the source.

Sources from BP and Fuzhou China Resources Gas were not available for comment.

BP has sold out its other LPG assets in China in its strategy to spin off LPG.

BP announced in February 2012 that it intended to sell its LPG bottle and tank-filling operations, together with its LPG storage terminals, customer lists, operating licences and logistic assets worldwide before the end of next year.

By: Yunying Chen

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