BP is to sell its ethylene and polyethylene operations in Malaysia to Petronas for $363m (£236m) in cash, continuing a disposal programme as a result of the huge financial cost of the Gulf of Mexico oil spill.
The oil giant said that it would sell its 15 per cent stake in Ethylene Malaysia (EMSB) and its 60 per cent interest in Polyethylene Malaysia to state owned Petronas, which already operates the two businesses.
"Whilst these are attractive businesses with strong domestic and regional markets, BP recognizes that Petronas is their natural owner," BP said in a statement.
Under the terms of the deal BP will also receive a pre-closing dividend of $48m from EMSB.
City A.M. Reporter