Post Tagged with: "charging hubs"

Source: Reuters/Arnd Wiegmann

BP raises Asian profile with Chinese acetic acid plant plan

Source: Reuters LONDON (Reuters) – BP is increasing its Asian presence with an initial agreement, or memorandum of understanding, with China’s Zhejiang Petroleum and Chemical Corporation (ZPCC) to build a 1 million tonne a year acetic acid plant, BP said on Friday. The planned production site for acetic acid, which is used in chemical products such as paints and adhesives, would be part of ZPCC’s refining and petrochemical plant in Zhoushan in eastern China, BP said in a statement. “The potential new plant…would be BP’s largest acetic acid producing site in the world. China is the world’s largest acetic acid market and accounts for more than half of global production capacity,” BP added. BP plans to sell more U.S. crude to Asia as its shale oil production grows, seeking to capitalize on growth in the world’s key demand region. In recent months, the British group deepened its ties with Indian[Read More…]

BP to Enter India’s Fuel Retail Market with Reliance Tie-Up

BP to Enter India’s Fuel Retail Market with Reliance Tie-Up

From Reuters Global oil major BP is deepening its ties with Indian conglomerate Reliance Industries by forging a fuel retailing joint venture to capitalize on rising demand in Asia’s third-biggest economy. The move comes days after BP said it would build a network of charging hubs for electric vehicles with China’s Didi Chuxing, betting on the world’s largest market for such cars. BP will own a 49% stake in its new Indian joint venture, with the rest held by Reliance, operator of the world’s biggest refining complex. The companies did not disclose financial details of the deal. In 2011 BP acquired a 30% stake from Reliance in some of its exploration blocks and formed a gas sourcing and marketing tie-up. In 2017 the two companies signed agreements to explore options to work together to develop alternative fuels and mobility businesses. The new venture will take over Reliance’s 1,400-plus retail fuel[Read More…]