BP to take stake in Chinese PET producer CRC; explore other collaborations

UK oil & gas major, BP, has signed a strategic cooperation agreement with one of China’s leading producers of PET (polyethylene terephthalate) plastic, China Resources Chemical Innovative Materials Holdings Ltd. (CRC).

CRC is already an important custo mer in China for BP’s purififi ed terephthalic acid (PTA), one of the key raw materials for PET production.

CRC and BP have agreed to explore opportunities to strengthen their co-ope ration on PTA sourcing and work together along the polyester value chain. They have also agreed to explore further opportuni ties to work together. Associated with this agreement, BP also agreed to invest in and become a shareholder of CRC. According to Mr. Luis Sierra, CEO for BP’s Global Aromatics Unit, “BP and CRC already have a close and longstanding relationship and we look forward to building on it further. We can see opportunities to work together to streamline and increase collaboration along the polyester value chain, improving flfl exibility and effificiency and creating value.”