BP selling specialty chemical businesses - July 30, 2001

Providing coverage of Alaska and northern Canada's oil and gas industryJuly 2001

Vol. 6, No. 7

Week of July 30, 2001

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.

Petroleum News - Phone: 1-907 522-9469 - Fax: 1-907 522-9583
[email protected] --- http://www.petroleumnews.com ---
S U B S C R I B E

Copyright Petroleum Newspapers of Alaska, LLC (Petroleum News)(PNA)©2013 All rights reserved. The content of this article and web site may not be copied, replaced, distributed, published, displayed or transferred in any form or by any means except with the prior written permission of Petroleum Newspapers of Alaska, LLC (Petroleum News)(PNA). Copyright infringement is a violation of federal law subject to criminal and civil penalties.