BP explores sale of Alabama petrochemical facility

17th Nov 2015 15:06

(ShareCast News) - Oil giant BP is exploring the sale of its petrochemicals complex in Decatur, Alabama, as part of a broader reorganisation of the company's global petrochemicals business.The company said the Decatur complex, which makes chemicals essential for the production of thousands of items from plastic water bottles to flat-screen televisions, no longer fits with its refocused petrochemicals strategy.Tufan Erginbilgic, chief executive of BP's global downstream business, said: "Our strategy is to significantly improve the cash breakeven performance of the business, enhancing earnings potential and making it more resilient to bottom-of-cycle conditions.We look to have a portfolio with BP's world-leading technology resulting in highly efficient production of PTA in key markets around the world."Chief operating officer of BP Global Petrochemicals Rita Griffin said: "We believe the site - and its more than 400 employees - would be a very attractive addition to the portfolio of another operator. We're determined to find a buyer who will recognize its value and keep it a viable and vibrant part of the region for years to come."At 1517 GMT, BP shares were up 2.5% at 377.70p.