BP 2006 Annual Report Download - page 17
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In 2005, there were no significant acquisitions. Disposal proceeds
were $11,200 million, which included net cash proceeds from the sale
of Innovene to INEOS of $8,304 million after selling costs, closing
adjustments and liabilities. Innovene represented the majority of the
Olefins and Derivatives business. Additionally, disposal proceeds included
proceeds from the sale of the group’s interest in the Ormen Lange field
in Norway.
On 2 November 2004, Solvay exercised its option to sell its interests
in BP Solvay Polyethylene Europe and BP Solvay Polyethylene North
America to BP. Solvay held 50% of BP Solvay Polyethylene Europe and
51% of BP Solvay Polyethylene North America. On completion, the two
entities, which manufactured and marketed high-density polyethylene,
became wholly owned subsidiaries of BP. The total consideration for the
acquisition was $1,391 million. These two entities were subsequently
included as part of the sale of Innovene to INEOS (see above).
During 2004, BP China and Sinopec announced the establishment
of the BP-Sinopec (Zhejiang) Petroleum Co. Ltd, a retail joint venture
between BP and Sinopec. Based on the existing service station network
of Sinopec, the 30-year dual-branded joint venture has plans to build,
operate and manage a network of 500 service stations in Hangzhou,
Ningbo and Shaoxing. Also during 2004, BP China and PetroChina
announced the establishment of BP-PetroChina Petroleum Company
Limited. Located in Guangdong, one of the most developed provinces in
China, the 30-year dual-branded joint venture is intended to acquire, build,
operate and manage 500 service stations in the province within three
years of establishment. The initial investment in both joint ventures
amounted to $106 million. (See Refining and Marketing on page 31 for
further details.)
Disposal proceeds in 2004 were $4,961 million, which included
$2.3 billion from the sale of the group’s investments in PetroChina and
Sinopec. Additionally, it included proceeds from the sale of various oil and
gas properties, the sale of our interest in Singapore Refining Company
Private Limited, the sale of our specialty intermediate chemicals and
Fabrics and Fibres businesses and the sale of two NGLs plants.
BP Annual Report and Accounts 2006 15