euro adhoc: BP PLC / BP COMPLETES SALE OF KALTIM PRIMA COAL STAKE TO PT BUMI RESOURCES (E)

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October 10, 2003

BP COMPLETES SALE OF KALTIM PRIMA COAL STAKE TO PT BUMI RESOURCES

BP announced today that it has completed the sale of its 50 per cent interest in the Indonesian coal mining company PT Kaltim Prima Coal (KPC) to PT Bumi Resources for $250 million in cash including assumed debt.

PT Bumi Resources, a publicly quoted Indonesian company, has also completed an identical deal with Rio Tinto for their 50 per cent interest in KPC and is therefore now the sole owner of KPC.

The completion of the KPC sale means that BP no longer has any coal interests, its other coal operations having been sold in 1989-90.

Notes to Editors:

· KPC operates a world-class coal mine located near Sangatta in East Kalimantan, Indonesia, which produces around 18 million tonnes of steaming coal per annum.

· KPC directly employs about 2,700 people and contributes around $450 million each year in export revenue to Indonesia.

· BP's advisors on the transaction were JP Morgan (financial) and Linklaters (legal).

- ENDS -

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

Further inquiry note:
Further information: BP Press Office, London,
tel: +44 (0)207 496 4358/4708
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

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Branche: Energy
Sprache: Englisch

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