BP has signed a strategic cooperation agreement with China Resources Chemical Innovative Materials Holdings Limited. CRC is already an important customer for BP's production of PTA (purified terephthalic acid) in China. CRC and BP have agreed to explore opportunities to strengthen their co-operation on PTA sourcing and work together along the polyester value chain.

They have also agreed to explore further opportunities to work together. Associated with this agreement, BP also agreed to invest in and become a shareholder of CRC.