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BP Acquires Ownership of Indonesian PTA Joint Venture

Source: www.gulfoilandgas.com 3/7/2014, Location: Asia

On 28 February, BP completed the purchase of all interests previously held by Japan’s Mitsui Chemicals, Inc. (MCI) and Mitsui & Co. Ltd. (MBK) in PT Amoco Mitsui PTA Indonesia (AMI). For over fifteen years, AMI was a 50/50 joint venture between BP and its partners, producing and marketing purified terephthalic acid (PTA) in the Republic of Indonesia. With effect from 1 March, AMI is a wholly owned subsidiary of the BP group. AMI has its head office in Jakarta, and a manufacturing site at Merak, Cilegon, Banten Province in Indonesia.

Nick Elmslie, Chief Executive of BP Global Petrochemicals, said: “BP has a major, global PTA business, with operations in the USA, Europe and Asia, underpinned by advantaged technology. This transaction is consistent with our strategy to be a leading PTA player in the markets in which we choose to compete.”

Mark Wilson, President of BP’s Aromatics business in Asia, said: “This is an efficient plant with a good market position in Indonesia, where domestic demand for PTA has been growing at around 6% over the last few years. This deal allows us to assess future opportunities to lower the cost of the production facilities by upgrading to our latest technology as well as opportunities for expansion in the Indonesian market.”

AMI will continue to serve the Indonesian PTA market. BP’s other businesses in Indonesia are unaffected by this transaction.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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