BP explores sale of Alabama petrochemical facility

Oil giant BP is exploring the sale of its petrochemicals complex in Decatur, Alabama, as part of a broader reorganisation of the company’s global petrochemicals business.

The company said the Decatur complex, which makes chemicals essential for the production of thousands of items from plastic water bottles to flat-screen televisions, no longer fits with its refocused petrochemicals strategy.

Tufan Erginbilgic, chief executive of BP’s global downstream business, said: “Our strategy is to significantly improve the cash breakeven performance of the business, enhancing earnings potential and making it more resilient to bottom-of-cycle conditions.

We look to have a portfolio with BP’s world-leading technology resulting in highly efficient production of PTA in key markets around the world.”

Chief operating officer of BP Global Petrochemicals Rita Griffin said: “We believe the site – and its more than 400 employees – would be a very attractive addition to the portfolio of another operator. We’re determined to find a buyer who will recognize its value and keep it a viable and vibrant part of the region for years to come.”

At 1517 GMT, BP shares were up 2.5% at 377.70p.