66NR Rep. China 26 S

RNS Number:8084G
BP PLC
30 January 2003

January 30, 2003



BP COMPLETES DISPOSAL OF BURMAH CASTROL CHEMICALS BUSINESSES WITH SALE OF FOSROC
MINING



BP announced today that it has reached agreement to sell Fosroc Mining, the
speciality  mining chemicals business of Burmah Castrol, to funds managed by
Close Brothers Private Equity Ltd.

Fosroc Mining will be purchased from Burmah Castrol plc and its affiliates for
#32 million in cash and assumed debt. Subject to regulatory and other approvals,
the companies expect to complete the transaction during the first quarter of
2003.

The sale of Fosroc Mining will complete the divestment of the speciality
chemicals businesses acquired by BP in its purchase of Burmah Castrol in 2000.

Fosroc Mining is a world leader in the supply of speciality chemicals and
consumables to the global mining industry, with products including resin
capsules, injection grouts, sealants and other consumables together with strong
technical advice and support services to enhance the efficiency and safety of
the global mining industry.

Fosroc Mining has a total of thirteen manufacturing sites in seven countries.
Its main manufacturing facilities are in the United States, Germany, Australia,
South Africa and Poland. The company employs around 1000 staff worldwide and had
2002 turnover of some #84 million from over 40 countries.

Close Brothers Private Equity is a leading player in mid-market UK private
equity investment; typically investing in UK-based transactions with a value of
between #10 million and #75 million. On completion of the purchase, Fosroc
Mining will continue to be led by the existing management team, headed by chief
executive Sandy Arbuthnot.

BP was advised in this sale by Credit Suisse First Boston.


Further enquiries:

David Nicholas, BP press office, tel: +44 (0)20 7496 4708



- ENDS -




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