SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
for the period ended 21 July 2003
BP p.l.c.
(Translation of registrant's name into English)
1 ST JAMES'S SQUARE, LONDON, SW1Y 4PD, ENGLAND
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F |X| Form 40-F
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No |X|
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press release
July 21, 2003
BP AND RIO TINTO TO SELL KALTIM PRIMA
COAL TO PT BUMI RESOURCES
BP announced today that it has agreed to sell its 50 per cent interest in the
Indonesian coal mining company PT Kaltim Prima Coal (KPC) to PT Bumi Resources,
an Indonesian-controlled resources company. BP's equal partner in KPC, Rio
Tinto, has reached a similar agreement with the result that, on completion of
the sale, KPC will be wholly owned by Bumi Resources.
Bumi Resources will purchase BP and Rio Tinto's interests in KPC together for
$500million, in cash including assumed debt, which will divided equally between
BP and Rio Tinto. Subject to approval by PT Bumi Resources shareholders and
other approvals, the parties anticipate completion of the deal in October 2003.
Having sold its other coal interests in 1989-90, BP's shareholding in KPC is its
only interest in coal operations worldwide.
KPC operates a world-class coal mine located near Sangatta in East Kalimantan,
Indonesia. The mine produces around 18 million tonnes of steaming coal annually
for exports to key markets in the Asia Pacific region, Europe and the United
States. KPC directly employs about 2,700 people and contributes around $450
million each year in export revenue to Indonesia.
Bumi Resources has interests in oil, natural gas and mining, hotel and tourism
and related services and general trading. Established in 1973, it became a
public company in 1990 and is fully listed on the Jakarta and Surabaya Stock
Exchanges. Bumi Resources already own PT Arutmin Indonesia - one of Indonesia's
largest coal producers.
BP and Rio Tinto will work with Bumi Resources to ensure a smooth transition of
ownership and are committed to ensuring that there will be no impact on service
to customers. KPC will brief staff and local communities on the transition
process.
The financial advisor on the transaction is JP Morgan. Linklaters is acting as
legal counsel to BP on the sale.
Further enquiries:
David Nicholas, BP London: +44 (0)20 7496 4708, email: nicholdh@bp.com
- ENDS -
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BP p.l.c.
(Registrant)
Dated: 21 July 2003 /s/ D. J. PEARL
..............................
D. J. PEARL
Deputy Company Secretary