BP PLC — M&A Activity 2007

Mar 5, 2007

News Details

Ad-hoc | 5 March 2007 16:43

BP p.l.c.: BP TO PURCHASE CHEVRON’S MANUFACTURING BUSINESS IN THE NETHERLANDS

BP p.l.c. / Acquisition

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March 5, 2007

BP TO PURCHASE CHEVRON’S MANUFACTURING BUSINESS IN THE NETHERLANDS

BP announced today that it has agreed to purchase Chevron’s Netherlands
manufacturing company, Texaco Raffinaderij Pernis B.V., for around $900
million, excluding working capital and hydrocarbon inventory. As a result
of the deal, BP will acquire Chevron’s 31 per cent minority shareholding in
the Netherlands Refining Company (Nerefco), Chevron’s stake in the jointly
owned wind farm located at the refinery and their shareholdings in the
nearby TEAM crude oil terminal and storage facility and a number of
associated pipelines.

On completion of the transaction, which is expected during the first half
of the year subject to the required regulatory approvals, Nerefco Refinery,
which is located in Europoort, Rotterdam, will become a 100 per cent BP
owned asset.

'Nerefco is a large, flexible refinery that is ideally configured to serve
the growing demands for clean transport fuels, particularly diesel,
throughout Europe,' says John Manzoni, chief executive of BP refining and
marketing. 'As sole owners we will be able to simplify the existing
operations which were designed to meet the individual requirements of each
party.'

Nerefco has a crude distillation capacity of 400,000 barrels a day, one of
the largest in Europe, and can export products worldwide in addition to
serving European markets. The transaction is not expected to have any
impact on day to day operations at the refinery or on its employees.

Notes to Editors:

· BP currently owns or has shareholdings in eight European refineries,
giving it a total crude distillation capacity of 926,000 barrels a day.
· BP recently announced that it has agreed to sell its Coryton refinery in
the UK with a crude distillation capacity of 172,000 barrels a day, to
Petroplus Holdings AG for $1.4 billion.
· Once the sale of Coryton and the acquisition of Chevron’s shareholding in
Nerefco are completed, BP will have an interest in seven European
refineries and a crude distillation capacity of 878,000 barrels a day.

Further information:

BP Press Office, London, tel: +44 (0)207 496 4358

DGAP 05.03.2007

Language: English
Issuer: BP p.l.c.
1 St James's Square
SW1Y 4PD London Großbritannien
Phone: +44 (0) 207-496-4000
Fax: +44 (0) 207-496-4570
E-mail: ir@bp.com
www: www.bp.com
ISIN: GB0007980591
WKN: 850517
Indices:
Listed: Amtlicher Markt in SWX; Freiverkehr in Berlin-Bremen,
Stuttgart, München, Hamburg, Düsseldorf; Open Market in
Frankfurt

End of News DGAP News-Service

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