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 10 February 2004
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
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.
Further enquiries:
David Nicholas, BP press office, London: +44 (0)20 7496 4708
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 -
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: 10 February 2004 /s/ D. J. PEARL
..............................
D. J. PEARL
Deputy Company Secretary