BP has quit its largest Chinese petrochemicals joint venture, selling its 50 per cent stake to its partner, Sinopec, for $1.68 billion (£1.3 billion). The oil giant said the sale of its stake in the Shanghai Secco Petrochemical Company formed part of its strategy to focus its petrochemicals business on areas of strength. BP sold the vast majority of its olefins business to Ineos in 2005 and the Secco joint venture was its last remaining olefin asset. Last year Secco contributed $301 million in net profits to BP. Rita Griffin, chief operating officer of BP global petrochemicals, said: “This decision aligns our…

Source: The Times April 27, 2017 23:00 UTC