euro adhoc: BP PLC / BP AGREES TO SELL EUROPEAN SPECIAL PRODUCTS BUSINESS TO H&R WASAG AG (E)

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October 9, 2003

BP AGREES TO SELL EUROPEAN SPECIAL PRODUCTS BUSINESS TO H&R WASAG AG

BP and H&R WASAG AG announced today that they have reached agreement in principle for H&R WASAG to purchase BP's European Special Products business, including the Neuhof base oil refinery in Hamburg, Germany.

Subject to a number of approvals and after appropriate employee consultation, H& R WASAG will acquire BP's entire special products business in Europe which produces and markets specialist products such as waxes, process oils and rubber additives. This comprises the 5,000 barrels a day capacity specialist base oil refinery at Neuhof and part of the associated blending facilities; two UK
manufacturing plants at Chorley, Lancashire and Tipton, West Midlands; a manufacturing plant near Maastricht, the Netherlands; and marketing operations in Spain, Portugal, Benelux, Germany, Eastern and Northern Europe and the UK.

In addition BP will supply H&R WASAG with 200,000 tonnes of special products a year from the Coryton refinery in the UK.

The two parties said that they hoped to complete the transaction early next year and that they did not anticipate any job losses as a result.

Notes to Editors:

· H&R WASAG is a speciality chemicals group listed on the Frankfurt stock exchange. It is based in Salzbergen where it already operates a specialist refinery producing 300,000 tonnes per annum

· The book value of the assets involved in the transaction is $30 million

· The deal does not include BP's shareholding in the Spanish Lubrisur joint venture or the Neuhof North blending plant which will continue to be core to BP's automotove, industrial and commercial lubricants business.

This information is provided by RNS The company news service from the London Stock Exchange

Further inquiry note:
BP PLC
Jude Tomalin
020 7496 4062
Tel: +44 20 7496 4062
Email: tomalij@bp.com

Emittent: BP PLC 1 ST JAMES SQUARE UK-SW1Y4PD LONDON Tel: +44 20 7496 4062 Email: tomalij@bp.com WWW: http://www.bp.com ISIN: GB0007980591 WKN: 850517 Indizes: Börsen: official dealing Hamburger Wertpapierbörse, Börse

end of announcement euro adhoc

Düsseldorf, Frankfurter Wertpapierbörse, SWX Swiss Exchange, London Stock Exchange; free trade Niedersächsische Börse zu Hannover, Berliner Wertpapierbörse, Bayerische Börse, Baden-Württembergische Wertpapierbörse
Branche: Energy
Sprache: Englisch

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