euro adhoc: BP PLC
BP TO SELL EQUITY STAKE IN SINOPEC (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
PRESS RELEASE
February 10, 2004
BP TO SELL EQUITY STAKE IN SINOPEC
BP announced today that it intends to sell its entire 2.1 per cent equity stake in China Petroleum and Chemical Corporation (Sinopec). The company will carry out the sale through a bookbuilt placing of the shares on public markets.
BP acquired the stake of approximately 1.8 billion 'H' shares in Sinopec when 20 per cent of the company was floated on international markets in October 2000.
Gary Dirks, president of BP China, said: "The decision to sell our stake in Sinopec is entirely separate from our joint business activities with the company, to which we remain committed. The equity investment BP made in Sinopec has been very successful and BP believes now is an appropriate time to sell the shares."
BP's business in China includes production and import of natural gas; supply of aviation fuel; import and marketing of liquefied petroleum gas; fuels retailing; lubricants blending and sales and petrochemical manufacturing. The company expects to invest a further $3 billion in China over the next five years.
The placing of the Sinopec shares will be arranged by Morgan Stanley on behalf of BP.
This announcement does not constitute or form part of an offer, solicitation of an offer or invitation to purchase or subscribe for securities in any jurisdiction.
This announcement is directed only at (i) persons outside the United Kingdom; or (ii) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001; or (iii) high net worth bodies corporate, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (all such persons together, "relevant persons"). Any investment or investment activity to which this announcement relates is only available to and will only be engaged in with relevant persons and persons who receive this announcement who are not relevant persons should not rely on or act upon this announcement.
This announcement includes statements that are forward-looking in nature. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and are outside the control of BP. Actual results may differ materially from those expressed in such statements, depending on a variety of factors. Such factors may cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. Additional information, including information on factors which may affect BP's business, is contained in BP's Annual Report and Annual Accounts and the Annual Report on Form 20-F filed with the US Securities and Exchange Commission. BP does not assume any responsibility to update any information included in this announcement.
Morgan Stanley & Co. International Limited is acting for BP in connection with the placing and no-one else and will not be responsible to anyone other than BP for providing the protections offered to clients of Morgan Stanley & Co. International Limited nor for providing advice in relation to the placing.
- ENDS -
This information is provided by RNS The company news service from the London Stock Exchange
end of announcement euro adhoc 10.02.2004
Further inquiry note:
Further enquiries:
David Nicholas, BP press office, London:
+44 (0)20 7496 4708
Branche: Energy
ISIN: GB0007980591
WKN: 850517
Index:
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