BP has agreed to sell its 1-million-ton-per-year purified terephthalic acid (PTA) plant in Decatur, Alabama, to Indorama Ventures Public Co. Ltd. Indorama will buy the plant and related infrastructure, along with certain contacts with suppliers and customers, BP said. The transaction is expected to close in early 2016.
The deal is part of BP’s ongoing divestiture program that saw it sell off some $10 billion in assets in 2014 and 2015. It expects a further $3-5 billion in divestitures this year and about $2-3 billion per year thereafter.
Meanwhile, BP is investing in upgrades to its sister PTA facilities in Cooper River, South Carolina, and Geel, Belgium, to lower operating costs, improve reliability and reduce emissions.
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