BP to spin off olefins and derivatives.(top of the week)

From: Chemical Week | Date: May 5, 2004| Author: | Copyright information

BP says it plans to divest most of its "underperforming" olefins and derivatives (O&D) business via an initial public offering (IPO) of shares in second-half 2005. The decision follows BP's recent announcement of a major realignment of its $16 billion/year petchems unit, which will split the business into operations earmarked for growth, restructuring, or divestment (CW, April 7/14, p. 16). O&D accounts for 54% of petrochemicals' $13-billion operating capital employed.

The company says it plans to keep its "advantaged" petchem lines, including para-xylene, purified ...

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