BP selling specialty chemical businesses

Petroleum News Alaska

BP said July 12 that it has reached agreement with Cinven, one of Europe’s leading private equity firms, for the sale of a number of Burmah Castrol’s specialty chemicals businesses. The businesses will be purchased from Burmah Castrol plc for 204 million pounds sterling, to be satisfied in cash and the assumption of debt, and held by a newly established company funded by Cinven.

Subject to regulatory and other approvals, the parties expect to complete the transaction in the third quarter of 2001.

In March 2000, when BP announced its intention to buy Burmah Castrol, the company also said it intended to dispose of Burmah Castrol’s specialty chemicals businesses.