BP in $363 mn sale of Malaysian assets

LONDON: BP says it is selling its interests in Malaysian ethelyne and polyethelene production to the country's national oil company for $363 million.

BP holds a 15 percent interest in Ethylene Malaysia and 60 percent of Polyethylene Malaysia, though both are operated by Petronas, the national oil company.

BP has recently been selling assets to raise cash to meet the costs of the disastrous oil well blowout in the Gulf of Mexico. It will retain other operations in Malaysia including its Asian Business Service Center in Kuala Lumpur.