BP 2012 Annual Report Download - page 258

45. Subsidiaries, jointly controlled entities and associates continued
Jointly controlled entities % Country of incorporation Principal activities
Angola
Angola LNG Supply Services 14 US LNG processing and transportation
Argentina
Pan American Energya60 US Exploration and production
Canada
Sunrise Oil Sands 50 Canada Exploration and production
China
Shanghai SECCO Petrochemical Company 50 China Petrochemicals
Germany
Ruhr Oel 50 Germany Refining and petrochemicals
Trinidad & Tobago
Atlantic 4 Holdings 38 US LNG manufacture
Atlantic LNG 2/3 Company of Trinidad and Tobago 43 Trinidad & Tobago LNG manufacture
UK
Vivergo Fuels 46 England & Wales Biofuels
US
BP-Husky Refining 50 US Refining
Flat Ridge 2 Wind Holdings 50 US Power generation
Watson Cogenerationab 51 US Power generation
aThe entity is not controlled by BP as certain key business decisions require joint approval of both BP and the minority partner. It is therefore classified as a jointly controlled entity.
bAs at 31 December 2012, the group’s interests in Watson Cogeneration have been classified as assets held for sale.
Associates % Country of incorporation Principal activities
Abu Dhabi
Abu Dhabi Gas Liquefaction Company 10 United Arab Emirates Crude oil production
Abu Dhabi Marine Areas 33 England & Wales Crude oil production
Azerbaijan
The Baku-Tbilisi-Ceyhan Pipeline Company 30 Cayman Islands Pipelines
South Caucasus Pipeline Company 26 Cayman Islands Pipelines
Russia
TNK-BPc50 British Virgin Islands Integrated oil operations
cAs at 31 December 2012, the group’s interests in TNK-BP have been classified as assets held for sale. See Note 4 for further information.
46. Condensed consolidating information on certain US subsidiaries
BP p.l.c. fully and unconditionally guarantees the payment obligations of its 100%-owned subsidiary BP Exploration (Alaska) Inc. under the BP Prudhoe
Bay Royalty Trust. The following financial information for BP p.l.c., BP Exploration (Alaska) Inc. and all other subsidiaries on a condensed consolidating
basis is intended to provide investors with meaningful and comparable financial information about BP p.l.c. and its subsidiary issuers of registered
securities and is provided pursuant to Rule 3-10 of Regulation S-X in lieu of the separate financial statements of each subsidiary issuer of public debt
securities. Investments include the investments in subsidiaries recorded under the equity method for the purposes of the condensed consolidating
financial information. Equity accounted income of subsidiaries is the group’s share of profit related to such investments. The eliminations and
reclassifications column includes the necessary amounts to eliminate the intercompany balances and transactions between BP p.l.c., BP Exploration
(Alaska) Inc. and other subsidiaries. The financial information presented in the following tables for BP Exploration (Alaska) Inc. for all years includes
equity income arising from subsidiaries of BP Exploration (Alaska) Inc. some of which operate outside of Alaska and excludes the BP group’s midstream
operations in Alaska that are reported through different legal entities and that are included within the ‘other subsidiaries’ column in these tables. BP p.l.c.
also fully and unconditionally guarantees securities issued by BP Capital Markets p.l.c. and BP Capital Markets America Inc. These companies are 100%-
owned finance subsidiaries of BP p.l.c.
256 Financial statements
BP Annual Report and Form 20-F 2012