BP Plc plans to dispose of a 70 percent stake in BP Malaysia Sdn Bhd as part of its global strategy to optimize its retail business worldwide, the British oil giant announced today.

BP Malaysia's retail fuel business comprises 240 service stations, a modern fuel terminal and two automated liquefied petroleum gas bottling plants, the company said in a statement.

BP said it will refocus its resources on the chemicals, lubricants and solar power businesses in Malaysia, comprising four petrochemical operations, a lubricant blending plant and a solar manufacturing plant.

Remain committed

BP Malaysia chief executive officer Peter Wentworth said the company has been in Malaysia for 40 years and investments in chemicals, lubricants and solar power have earned it recognition as one of country's largest British investors.

"The planned divestment will not change that and BP continues to grow its other businesses and remain committed to Malaysia that represents a significant market for BP. Malaysia is and will remain a major market for BP," he said.

Wentworth said BP has invested more than RM6 billion in Malaysia to date.

"About 80 percent of the investment has gone into BP's four petrochemical plants manufacturing ethylene, polyethylene, acetic acid and purified terephthalic acid (PTA). BP intends to maintain these businesses as competitive world-class assets," he said. - AFP