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$363 Million Raised Through Sale of BP Oil Stock

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London, EnglandBritish Petroleum recently sold a significant portion of BP oil stock, raising $363 million to help clean up the Gulf of Mexico oil spill.

BP sold off its chemical assets in Malaysia to Petroliam Nasional and will now focus on its projects in China and India.

The London-based BP will sell its 15 percent stake in Ethylene Malaysia Sdn and 60 percent of its interest in Polyethylene Malaysia Sdn, raising $363 million.

"BP will continue to focus on the development and expansion of our olefins and derivatives business in China, and other large rapidly growing markets, and pursue opportunities in China and India to extend our leading world positions in aromatics and acetyls," said Sue Rataj, BP's president of Global Petrochemicals Business, in a statement.

Bloomberg reports that BP told the governments of Vietnam and Pakistan earlier this summer that it is planning to sell some of its assets in those respective countries.

In addition to helping clean up the Gulf oil spill, the new funds could potentially be used to help the company's employees whose BP ERISA plans recently dipped in value.


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