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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  BP plc    BP.   GB0007980591

BP PLC

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BP : raises Asian profile with Chinese acetic acid plant plan

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10/18/2019 | 06:20am EST
FILE PHOTO: Logo of BP is seen at a petrol station in Kloten

LONDON (Reuters) - BP is increasing its Asian presence with an initial agreement, or memorandum of understanding, with China's Zhejiang Petroleum and Chemical Corporation (ZPCC) to build a 1 million tonne a year acetic acid plant, BP said on Friday.

The planned production site for acetic acid, which is used in chemical products such as paints and adhesives, would be part of ZPCC's refining and petrochemical plant in Zhoushan in eastern China, BP said in a statement.

"The potential new plant...would be BP’s largest acetic acid producing site in the world. China is the world’s largest acetic acid market and accounts for more than half of global production capacity," BP added.

BP plans to sell more U.S. crude to Asia as its shale oil production grows, seeking to capitalise on growth in the world's key demand region.

In recent months, the British group deepened its ties with Indian conglomerate Reliance Industries by forging a fuel retailing joint venture to capitalise on rising demand in Asia's third-biggest economy.

BP has also said it would build a network of charging hubs for electric vehicles with China's Didi Chuxing, betting on the world's largest market for such cars.

ZPCC is a mixed-ownership joint-venture company with private holdings and state-owned enterprises, BP said.

A PetroChina unit has won a license to supply marine bunker fuel in Zhoushan on China's east coast, as the city's free trade zone looks to challenge Singapore as a regional shipping fuel hub, according to a company executive and local government official.

(Reporting by Shadia Nasralla; Editing by Alexander Smith)

Stocks mentioned in the article
ChangeLast1st jan.
BP PLC -0.81% 493.6 Delayed Quote.0.23%
RELIANCE INDUSTRIES 2.51% 1547.65 End-of-day quote.38.03%
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Financials (USD)
Sales 2019 280 B
EBIT 2019 19 611 M
Net income 2019 6 259 M
Debt 2019 47 976 M
Yield 2019 6,39%
P/E ratio 2019 16,0x
P/E ratio 2020 11,4x
EV / Sales2019 0,64x
EV / Sales2020 0,59x
Capitalization 130 B
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Number of Analysts 24
Average target price 7,71  $
Last Close Price 6,43  $
Spread / Highest target 46,1%
Spread / Average Target 20,1%
Spread / Lowest Target -3,73%
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Robert W. Dudley Group Chief Executive Officer & Executive Director
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