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Sinopec studying BP's terms for SECCO JV exit plan

Reuters - UK Focus

HONG KONG, Aug 9 (Reuters) - State-owned China Petroleum & Chemical Corp (Sinopec (HKSE: 0386-OL.HK - news) ) is currently discussing the conditions put forward by British oil and gas major BP plc for its planned exit from their SECCO petrochemicals joint venture, a Sinopec spokesman told Reuters on Tuesday.

Reuters earlier reported that BP has hired an investment bank to find buyers for its 50 percent stake in SECCO, a deal that could fetch up to $3 billion.

The Sinopec spokesman said the company had not made a decision on whether to buy BP's stake. (Reporting by Denny Thomas and Tris Pan; Editing by Will Waterman)