BP is planning to sell one of its biggest Chinese investments, by disposing of the UK energy company’s 50 per cent stake in the Secco petrochemicals plant near Shanghai.
BP is the latest western oil company to curtail activity in China, as energy groups reel from low crude and petrochemical prices. China’s slow liberalisation of its energy sector has disappointed investors.
Analysts said BP’s move to exit the Secco plant made sense at a time when Asia was “awash” with petrochemical supplies.
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