Monday, October 22, 2007

BP to end partnership in PTA JV with Taiwan's CPC Corp?

BP may pull out of its purified terephthalic acid (PTA) joint venture with Taiwan's CPC Corp. The Taiwanese joint venture, China American Petrochemical Co., has reported a net loss of NT$2.2 billion for 2006, its first loss since it was set up in 1976, because of high inventories and weak demand. BP owns 61.4% of the joint venture and CPC controls the balance. This move could be in line with its move earlier this month wherein BP withdrew from a similar venture in South Korea.

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