Month: April 2017

Total 108 Posts

BP agrees sale of interest in SECCO to Sinopec

BP today announced that it has agreed to sell its 50% stake in the Shanghai SECCO Petrochemical Company Limited (SECCO) to Gaoqiao Petrochemical Co Ltd, a 100% subsidiary of China Petroleum & Chemical Corporation (Sinopec), BP's joint venture partner, for a total consideration of $1.68 billion.
“This decision aligns our petrochemicals business in China with our global focus on areas where BP has leading proprietary technologies and competitive advantage. China is a key region for our chemicals business and BP will continue to look for opportunities to build on our position in the country,” said Rita Griffin, chief operating officer, BP Global Petrochemicals.
SECCO is currently owned by BP (50%), Sinopec (30%) and Sinopec Shanghai Petrochemical Company Limited (20%), in which Sinopec holds a majority interest. Based in Shanghai, SECCO is a major producer of olefins – ethylene and propylene – together with polymers and other derivatives including polyethylene, polypropylene, acryl..

CoAL making progress to re-enter market as coal producer

JOHANNESBURG (miningweekly.com) – Triple-listed Coal of Africa Limited (CoAL) is making good progress in re-entering the market as a coal producer, CEO David Brown said in a quarterly update to shareholders on Friday.

The company earlier this month announced that it would buy Pan African Resources’ Pan African Resources Coal Holdings subsidiary, which holds a 91% stake in the Uitkomst colliery, in KwaZulu-Natal, for R275-million.
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The acquisition is considered complementary to CoAL’s developing Makhado project.

During the quarter to March 31, CoAL secured a 20-year Integrated Water Use Licence (IWUL) for Makhado and entered into a R240-million loan agreement with the Industrial Development Corporation (IDC) to advance Makhado’s development.

The validity period for the commencement of activities had also been extended for an additional five years.

Makhado’s 26-month construction phase is expected to start as soon as all regulatory approvals are in place. CoAL is w..