BP plans to sell its ethylene and polyethylene production interests in Malaysia to Petronas for $63m.
BP holds a 15% interest in Ethylene Malaysia (EMSB) and a 60% interest in Polyethylene Malaysia (PEMSB), which are both operated by Petronas and located at Kertih on the Malaysian east coast.
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EMSB’s olefins cracker has a production capacity of approximately 440,000t of ethylene per year.
The firm is owned by Petronas, with a 72.5% stake, BP with 15% and Idemitsu with 12.5%.
PEMSB is owned by BP, which holds 60%, and Petronas, which has the remaining 40%.
The plant has a production capacity of 318,000t per year of polyethylene, which is used mainly for packaging and film manufacture while ethylene feedstock for the plant is supplied by EMSB.
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By GlobalDataBP Global Petrochemicals Business president Sue Rataj said while these are attractive businesses with strong domestic and regional markets, BP considers Petronas as its natural owner.
