FRANKFURT/LONDON (Sept 15): At least three leading chemical companies are set to vie for BP's stake in Chinese petrochemicals joint venture SECCO which could fetch more than US$2 billion, sources close to the process said. Offers for the 50% stake, the British oil and gas company's largest investment in China, will be submitted in the coming days, the sources said. BP's partner in the joint venture, state-owned China Petroleum & Chemical Corp (Sinopec), has a right of first refusal. SECCO, a venture formed in 2001, produces ethylene and propylene, which are used to make resins, plastics and synthetic rubbers. The company has sold more than US$50 billion of assets since a deadly explosion on an oil rig in the Gulf of Mexico in 2010.

Source: The Edge Markets September 15, 2016 12:45 UTC