Beleaguered oil giant BP plc (BP,BP.L) announced that it has agreed to sell its interests in ethylene and polyethylene production in Malaysia to Petronas.
The deal concerns BP's 15% interest in Ethylene Malaysia Sdn Bhd and 60% interest in Polyethylene Malaysia Sdn Bhd, both of which are operated by Petronas. They are located at Kertih, on the east coast of Malaysia. The company said that this announcement does not affect BP's other businesses in Malaysia.
As per the terms of the deal, Petronas will, at closing, pay $363 million in cash to BP, inclusive of a balance sheet adjustment of $13 million and the repayment of a shareholder loan of $53 million. Both parties anticipate completing the transaction by the end of 2010. Additionally, BP will also receive an Ethylene Malaysia Sdn Bhd pre-closing dividend payment amounting to $48 million.
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