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 1 March 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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March 1, 2004
The following press release was issued in Singapore at 0700 local time on March
1, 2004
BP to sell its stake in Singapore Refining Company to SPC BP and the Singapore
Petroleum Company Limited (SPC) announced today (March 1, 2004) that they have
reached conditional agreement for SPC to purchase BP's refining interests and
one-third stake in Singapore Refining Company Private Limited (SRC) for
USD $140 million. The refining interests include BP's one-sixth equity interest
in the Tanker Mooring Services Company Pte Ltd.
Subject to receiving the necessary approvals and consents, the parties
anticipate completing the transaction by June 30, 2004.
SPC already owns a one-third share of the 285,000 bpd refinery, with the
remaining one-third being owned by Caltex.
"SPC has been a long time strategic partner of BP in Singapore and we are
pleased to have reached an agreement with them which we believe is of mutual
benefit," said Mr William R. Bussing, BP's Manufacturing Director.
"This acquisition is a logical step for SPC to consolidate its asset base,
strengthen its earnings capability and add to shareholders' value. With
healthier refining margins, this acquisition is expected to enhance SPC's
earnings," said Mr Choo Chiau Beng, SPC's chairman.
Notes to Editors:
- BP is one of the world's largest energy companies, with global interests
in more than 100 countries. It is a major producer of oil and gas and has
substantial refining, retail, petrochemical and solar interests. The company
employs more than 110,000 people worldwide.
- BP in Singapore which first started business in 1964, will remain a
knowledge hub for the region, hosting key functions such as Legal, Tax,
Audit, and Digital Communications Technology, and will continue to play a
key role in servicing BP's regional and global business interests.
Further information:
Mathew Yap, BP Asia Pacific
Tel: 6371 8709 Fax: 6371 8761
Lynda Goh, BP Asia Pacific
Tel: 6371 8758 Fax: 371 8761
Wendy Silcock, BP Press Office, London
Tel: +44 (0)207 496 4358
- 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: 1 March 2004 /s/ D. J. PEARL
..............................
D. J. PEARL
Deputy Company Secretary