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    Aramco announces second quarter and half-year 2021 results

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    Empire Petroleum buys US oil and gas assets from ExxonMobil

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    Offshore Gas Field Nod From The US To Trinidad And Tobago

    Uganda Begins First Oil Drilling Project Under $10bn Scheme

    Dutch government invites Shell, Exxon to join $2.6B subsea carbon storage plan

    TechnipFMC awarded $250 million subsea service contract offshore Brazil

    Sinopec creates record by drilling 8,725 meters deep oil, gas field

    Uganda expects oil production by 2025 with new drilling activity

    Trillion Energy to increase gas production at SASB gas field with three new side-track wells

    Total-Eni partnership in offshore gas drilling

    PETRONAS awards three production sharing contracts offshore Malaysia

    Perenco Brazil’s FSO ‘sets sail to Pargo Cluster offshore Brazil

    Eni Ghana launches Business and Market Fair in Sanzule, Western Region

    Eni to invest $8 billion in two Libyan natural gas fields

    Norway Plans To Offer Record 92 Oil & Gas Exploration Units

  • Projects
    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases

    chevron invests in carbon capture and removal technology company, svante

    bp looks to further developments at Tangguh with PSC extension

    Falcon Oil & Gas completes successful drilling operations in Australia

    N’GENIUS solution on the horizon for oil, gas and LNG industry

    QatarEnergy, GE to develop carbon capture roadmap

    QatarEnergy, GE to develop carbon capture roadmap

    Equinor Energy

    Transocean secures offshore drilling rig contract from Wintershall and OMV

    offshore contract by Al Yasat Petroleum

    INEOS and partners approved to develop Solsort field offshore Denmark

    TechnipFMC awarded significant subsea contract for Shell’s North Sea development

    Petronas hires Maersk semi-submersible for Suriname exploration

    PETRONAS Announces New Gas Discovery in Central Luconia Province, Offshore Malaysia

  • Market Reports

    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Aramco announces second quarter and half-year 2021 results

    Aramco announces second quarter and half-year 2021 results

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    CNOOC Limited Announces Key Operational Statistics for Q1 2020

    Aramco announces second quarter and half-year 2020 results

    bp agrees to sell its petrochemicals business to INEOS

    bp agrees to sell its petrochemicals business to INEOS

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BP deepens partnership with Chinese PET producer CRC, seeking opportunities for closer cooperation

venkat by venkat
May 1, 2020
in News
0
BP agrees terms to sell North Sea interests in Andrew area and Shearwater to Premier Oil

BP has signed a strategic cooperation agreement with one of China’s leading producers of PET (polyethylene terephthalate) plastic, China Resources Chemical Innovative Materials Holdings Limited (CRC). CRC is already an important customer for BP’s production of PTA (purified terephthalic acid) in China.

PET is a type of polyester plastic, used widely for beverage and food packaging, and PTA is one of the key raw materials for its production.

CRC and BP have agreed to explore opportunities to strengthen their co-operation on PTA sourcing and work together along the polyester value chain. They have also agreed to explore further opportunities to work together. Associated with this agreement, BP also agreed to invest in and become a shareholder of CRC.

CEO for BP’s Global Aromatics Unit, Luis Sierra, said: “BP and CRC already have a close and longstanding relationship and we look forward to building on it further. We can see opportunities to work together to streamline and increase collaboration along the polyester value chain, improving flexibility and efficiency and creating value.”

Managing Director of China Resources Chemical Innovative Materials Holdings Limited, Mr. Zhu Zhenda, said: “BP is CRC’s important strategic partner in the polyester value chain. Through deepened cooperation, we anticipate effective integration of our resources, bringing advantages for both partners. We will work together to develop innovative technologies, new products and applications for our customers in future.”

Established in 2007, CRC is a leading producer of non-fibre-grade polyester. With production centres based in Changzhou, Jiangsu province, and Zhuhai, Guangdong province, its manufacturing facilities have an annual capacity of 2.2 million tonnes of PET. With its high-quality research and development capability, CRC is also exploring development of advanced downstream products, such as polyethylene terephthalate glycol (PETG).

BP is a global leader in the production of PTA with its own highly efficient proprietary technology. With current annual production capacity of 2.4 million tonnes, its Zhuhai plant in southern China is BP’s biggest PTA production site globally. The technology is more energy efficient, uses less water and produces less solid waste than similar technologies on the market. As a result, the plant and technology have been recognized for environmental performance, including several Chinese government awards and, in July 2019, being named ‘Energy and Efficiency Front Runner’ and ranked first in China for PTA manufacturing by the China Petroleum and Chemical Industry Federation1.

BP’s PTA technology also has significantly lower capital and operating costs when compared with other PTA technologies.

BP has also recently developed an enhanced recycling technology, BP Infinia, that enables currently unrecyclable PET plastic waste to be transformed back into new, virgin-quality feedstocks. It is constructing a pilot plant to prove the technology.

Xiaoping Yang, BP China Chairman and President, added: “By deploying leading technologies and business models with CRC in the polyester value chain, we hope to create a more competitive and sustainable future together.”

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