Sinopec to acquire BPs stake in SECCO Petrochemicals

China Petroleum & Chemical Corp’s (Sinopec) wholly owned subsidiary Gaoqiao Petrochemical based in Shanghai plans to acquire BP Plc’s 50 percent stake in SECCO Petrochemical for $1.68 billion. The deal is expected to close before yearend with the purchase price payable in installments.

SECCO is currently owned by BP, with a 50% interest, Sinopec (30%), and Sinopec Shanghai Petrochemical (20%), in which Sinopec holds a majority interest.
Based in Shanghai, SECCO’s primary production plants include a 1.09 million-tonne/year (MTPA) ethylene plant, a 1.09 MTPA ethane cracking plant, a 600,000-tonne/year (TPA) aromatics extraction plant, a 600,000 TPA polyethylene plant, and a 250,000 TPA polypropylene plant.

SECCO is a producer of olefins, polymers and other derivatives, including polyethylene, polypropylene, acrylonitrile styrene, polystyrene, butadiene, among others.

Since 1970, BP has had a petrochemicals business in China, first through technology licensing and then through manufacturing joint ventures. In addition to SECCO, BP has three other petrochemical manufacturing operations in China.

Gaoqiao Petrochemical operates 75 plants that produce gasoline, jet fuel, diesel fuel, base stock for lube oil, paraffin wax, synthetic rubber, commodity organic chemicals, synthetic plastics, and fine chemicals. The company’s current nameplate capacity includes a 1.13 MTPA refinery and 600,000 TPA of petrochemical products output.

Recent Posts

Filo showcases ‘Made in Filo’ collection in 66th edition

The 66th edition of Filo is showcasing its “Made in Filo” collection, an initiative that transforms materials supplied by exhibitors…

21 hours ago

Circ, Shenghong to scale textile-to-textile recycled polyester yarn

Circ has partnered with Shenghong Chemical Fiber New Material to expand the commercial production of polyester filament yarn made from…

21 hours ago

Algae Scope develops seaweed-based coating for protective textiles

Algae Scope is developing a patented seaweed-derived functional powder that could provide a bio-based route to coatings for protective and…

21 hours ago

AmeriBangla launches digital marketplace to connect cotton farmers

AmeriBangla Corporation has launched CottonPort, a digital cotton marketplace designed to connect American cotton farmers with mills and buyers in…

2 days ago

SGMW scales bamboo-fiber composites across vehicle interiors

Chinese automaker SAIC-GM-Wuling has introduced bamboo-fiber-reinforced composites into interior components across more than 20 production vehicle models.

2 days ago

Zeneri launches patented sock technology to prevent slippage

Zeneri has begun production of a new collection featuring its patented three-zone knitted architecture, designed to prevent socks from slipping…

2 days ago