BP plc

euro adhoc: BP PLC
BP AGREES TO SELL EUROPEAN SPECIAL PRODUCTS BUSINESS TO H&R WASAG AG (E)

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October 9, 2003

BP AGREES TO SELL EUROPEAN SPECIAL PRODUCTS BUSINESS TO H&R WASAG AG

BP and H&R WASAG AG announced today that they have reached agreement in principle for H&R WASAG to purchase BP's European Special Products business, including the Neuhof base oil refinery in Hamburg, Germany.

Subject to a number of approvals and after appropriate employee consultation, H& R WASAG will acquire BP's entire special products business in Europe which produces and markets specialist products such as waxes, process oils and rubber additives.  This comprises the 5,000 barrels a day capacity specialist base oil refinery at Neuhof and part of the associated blending facilities; two UK manufacturing plants at Chorley, Lancashire and Tipton, West Midlands; a manufacturing plant near Maastricht, the Netherlands; and marketing operations in Spain, Portugal, Benelux, Germany, Eastern and Northern Europe and the UK.

In addition BP will supply H&R WASAG with 200,000 tonnes of special products a year from the Coryton refinery in the UK.

The two parties said that they hoped to complete the transaction early next year and that they did not anticipate any job losses as a result.

Notes to Editors:

  · H&R WASAG is a speciality chemicals group listed on the        
Frankfurt stock exchange.  It is based in Salzbergen where it already
operates a specialist refinery producing 300,000 tonnes per annum

  · The book value of the assets involved in the transaction is $30 million

  · The deal does not include BP's shareholding in the Spanish Lubrisur joint venture or the Neuhof North blending plant which will continue to be core to BP's automotove, industrial and commercial lubricants business.

                                  This information is provided by RNS
                  The company news service from the London Stock Exchange

end of announcement            euro adhoc 09.10.2003
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Further inquiry note: BP PLC Jude Tomalin 020 7496 4062

Branche: Energy
ISIN:      GB0007980591
WKN:        850517
Index:    
Börsen:  Hamburger Wertpapierbörse / official dealing
              Börse Düsseldorf / official dealing
              Frankfurter Wertpapierbörse / official dealing
              SWX Swiss Exchange / official dealing
              London Stock Exchange / official dealing
              Niedersächsische Börse zu Hannover / free trade
              Berliner Wertpapierbörse / free trade
              Bayerische Börse / free trade
              Baden-Württembergische Wertpapierbörse / free trade



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