BP Plc will sell its stake in a Chinese petrochemical venture to a unit of China Petroleum & Chemical Corp for $1.7bn.
BP sold the bulk of its olefins and derivatives business to Ineos AG in 2005. Its current chemicals focus is on producing purified terephthalic acid, used in plastics for bottles, and making chemicals used in paints and solvents. China Petroleum & Chemical, also known as Sinopec, already owns a 30% stake in SECCO
