BP dumps assets in Malaysia

LONDON, Sept. 1 (UPI) -- The sale of BP assets in Malaysia to a state energy company doesn't mean the British company is leaving Asia, the company said Wednesday.

The British oil company said Wednesday it was selling state-run company Petronas its interest in two chemical companies for $363 million.

"The agreement concerns BP's 15 percent interest in Ethylene Malaysia and 60 percent interest in Polyethylene Malaysia, both of which are operated by Petronas, and are located at Kertih, on the east coast of Malaysia," the company said in a statement. "This announcement does not affect BP's other businesses in Malaysia."

Sue Rataj, president of BP's petrochemicals division, said that as the operator of the facilities, Petronas was the "natural owner" of the companies.

The sale, however, doesn't mean BP is moving out of the Asian market, she said.

"BP will continue to focus on the development and expansion of our olefins and derivatives business in China and other large rapidly growing markets and pursue opportunities in China and India to extend our leading world positions in aromatics and acetyls," a statement read.

BP is offloading some assets to raise cash to settle claims from the oil spill in the Gulf of Mexico.