66NR Rep. China 26 S

RNS Number:8134G
BP PLC
12 July 2001

CINVEN TO BUY BURMAH CASTROL'S Metallurgical
Chemicals and Releasants Divisions

BP announced today that it has reached agreement with Cinven, one of Europe's
leading private equity firms, for the sale of a number of Burmah Castrol's
speciality chemicals businesses. The businesses will be purchased from Burmah
Castrol plc for #204 million, to be satisfied in cash and the assumption of
debt, and held by a newly established company funded by Cinven.

The businesses to be sold include: Foseco, which provides products and
services to the foundry and steel industries; Foseco's stake in Fosbel, a
joint venture company which provides services to operators of coke, glass and
other furnaces; Chem-Trend, a manufacturer of specialised mould and die-cast
release agents; and Remet, which supplies products to the casting industry.

Subject to regulatory and other approvals, the parties expect to complete the
transaction in the third quarter of 2001.

In March 2000, when BP announced its intention to buy Burmah Castrol, the
company also said it intended to dispose of Burmah Castrol's speciality
chemicals businesses. Today's announcement marks a significant step in that
process.

BP is being advised by Credit Suisse First Boston with regard to the sale.


Further enquiries:

David Nicholas, BP Press Office, London: - +44 (0)20 7496 4708


- ENDS -

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