Reliance Global Holdings to buy BP's Malaysia petchem unit for USD 230 million

Reliance Global Holdings to buy BP's Malaysia petchem unit for USD 230 million



Reliance Global Holdings will acquire BP Plc's Malaysian petrochemical plant for USD 230 million, the British energy firm said.

BP said it has "agreed to sell all its interests in purified terephthalic acid (PTA) production in Malaysia to Reliance Global Holdings Pte Ltd, Singapore (an associate firm of Reliance Ports and Terminals Ltd)".

Reliance Ports and Terminals Ltd is a company owned by billionaire Mukesh Ambani.

Reliance Global Holdings will take over BP's 100 per cent equity in BP Chemicals (Malaysia) Sdn Bhd (BPCM), located at Kuantan on the east coast of Malaysia.

The all-cash deal is planned to be completed in 2012, BP said in a statement.

The PTA plant in Kuantan, Malaysia is based on BP's proprietary PTA technology whereas Reliance Industries' PTA plants in India are based on Invista's Technology.

The acquisition through Reliance Global Holdings Pte Ltd would ensure that these two technologies are separately protected.