BP mulls over selling stakes in SECCO Petrochemical

According to a media report, British oil giant - BP is seeking to sell its 50% stake in China’s the largest petchem companies– SECCO Petrochemical, which is expected to fetch $2-$3 billion upon deal.

It is anticipated that the plan would attract existing refinery operators in China; however, state own enterprises might not be aggressive as many are distracted by anti-corruption probes. BP has also reportedly marketed to companies in Japan, South Korea, Taiwan and Europe.

Based in Caojing, Shanghai, SECCO Petrochemical produces the following products: