10.02.2003 – 09:11

BP plc

euro adhoc: BP PLC
Disposal (E)

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.

press release

February 10, 2003

BP SELLS GERMAN REFINERY STAKE AND SERVICE STATIONS IN GERMANY,
HUNGARY AND SLOVAKIA TO AUSTRIAN OMV

BP announced today that it has agreed to sell a 45 per cent stake in
the Bayernoil refinery, an 18 per cent stake in the Trans Alpine
Pipeline (TAL), 247 retail stations in Germany, 55 stations in
Hungary and 11 in Slovakia to OMV Aktiengesellschaft, one of
Austria's largest publicly traded industrial companies and a leading
oil and gas company in central and eastern Europe.

The sale of the German assets enables BP to fully comply with the
conditions imposed by the German Federal Cartel Office (FCO) when it
approved BP's acquisition of Veba Oil in December 2001.  The service
stations in Hungary and Slovakia which are included in the sale
comprise the entire Aral network in these countries.

OMV will pay  EUR377 million in cash and debt assumption for the
assets, subject to post closing adjustments.  The parties expect to
complete the deal - which is conditional on regulatory approvals and
the non-exercise of certain pre-emption rights - during the second
quarter of 2003.

"We are pleased to finalise the further divestments required to fully
meet the Federal Cartel Office's conditions," says Wilhelm
Bonse-Geuking, CEO of Deutsche BP.  "We have made good progress with
the integration of the Veba/Aral and BP businesses in Germany and
hope to complete the process during the second quarter of 2003."

OMV are being advised by Goldman Sachs and BP by Deutsche Bank.

Notes to Editors:

·        OMV Aktiengesellschaft: With group sales of EUR 7.74 billion
in 2001, 5,659 employees and a market capitalisation of EUR 2.5
billion, OMV is one of Austria's largest publicly traded industrial
companies. As the leading oil and gas company in central and eastern
Europe, the OMV group is active in refining and marketing in 12
different countries in Central and Eastern Europe. Internationally,
it is engaged in exploration and production in 13 countries. The
group also operates integrated chemical production facilities. In
addition, OMV holds a 25 per cent stake in Borealis A/S, one of the
world's leading polyolefin producers. It also holds about 10 per cent
of the Hungarian oil and gas company MOL, as well as 25.1 per cent of
the Rompetrol Group NV, the largest privately held oil company in
Romania.

·        Bayernoil, which consists of three interconnected refineries
in Bavaria, has a total refining capacity of around 260,000 barrels a
day (12 million tonnes per annum).  Following the sale, BP will
continue to have a direct interest of 10 per cent in the refinery and
an indirect interest through Ruhr Oil, which holds 25 per cent of
Bayernoil's equity and is a 50:50 joint venture with Petroleos de
Venezuela.

·        When approving BP's acquisition of Veba Oil AG, the German
Federal Cartel Office required BP to sell four per cent of the
combined BP/Aral retail market share, based on year 2000 volumes, and
45 per cent of BP's holding in the Bayernoil refinery.  The German
retail assets including in the sale to OMV equate to around 1.6 per
cent of the combined BP/Aral retail market share whilst
the earlier sale of service stations to PKN Orlen, announced in
December 2002, equated to 2.4 per cent.

- ENDS -

This information is provided by RNS
            The company news service from the London Stock Exchange

end of announcement        euro adhoc 10.02.2003

Further inquiry note:

Further information: Ulrich Winkler, Deutsche BP, tel: +49 (0)234 315 3200 Wendy Silcock, BP
press office London, tel: +44 (0)207 496 4358

Branche: Energy
ISIN: GB0007980591
WKN: 850517
Börsen: Baden-Württembergische Wertpapierbörse / free trade
Bayerische Börse / free trade
Berliner Wertpapierbörse / free trade
Niedersächsische Börse zu Hannover / free trade
Börse Düsseldorf / official dealing
Frankfurter Wertpapierbörse / official dealing
Hamburger Wertpapierbörse / official dealing
London Stock Exchange / official dealing
SWX Swiss Exchange / official dealing