KUALA LUMPUR (Kyodo) -- Malaysia's state-owned oil company Petronas said Wednesday it will acquire London-based oil giant BP's stake in two local chemical plants for $363 million.
BP has agreed to sell its entire 15 percent stake in Ethylene Malaysia Sdn. Bhd. and 60 percent interest in Polyethylene Malaysia Sdn. Bhd. to Petronas.
The two companies' plants, both located in Malaysia's oil-rich Terengganu state, are already operated by Petronas.
Under the agreement, Petronas will pay BP $363 million in cash, "inclusive of a balance sheet adjustment of $13 million and the repayment of a shareholder loan of $53 million," it said in a statement.
Petronas already has a 72.5 percent stake in EMSB, with BP owning 15 percent and Japan's Idemitsu with 12.5 percent. PEMSB is 60 percent owned by BP and 40 percent by Petronas.
