Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/bp-acquires-full-ownership-of-indonesian-pta-joint.shtmlBP acquires full ownership of Indonesian PTA Joint Venture
On 28 February, BP completed the purchase of all interests previously held by Japan's Mitsui Chemicals, Inc. (MCI)
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On 28 February, BP completed the purchase of all interests previously held by Japan's Mitsui Chemicals, Inc. (MCI) and Mitsui & Co. Ltd. (MBK) in PT Amoco Mitsui PTA Indonesia (AMI). For over fifteen years, AMI was a 50/50 joint venture between BP and its partners, producing and marketing purified terephthalic acid (PTA) in the Republic of Indonesia.
With effect from 1 March, AMI is a wholly owned subsidiary of the BP group. AMI has its head office in Jakarta, and a manufacturing site at Merak, Cilegon, Banten Province in Indonesia.
Nick Elmslie, Chief Executive of BP Global Petrochemicals, said: 'BP has a major, global PTA business, with operations in the USA, Europe and Asia, underpinned by advantaged technology. This transaction is consistent with our strategy to be a leading PTA player in the markets in which we choose to compete.'
