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euro adhoc: BP PLC
BP TO SELL STAKE IN PETROCHINA (E)

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
press release
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION INTO OR IN CANADA,
AUSTRALIA OR JAPAN
January 12, 2004
BP announced today that it intends to sell its 2 per cent equity
stake in PetroChina Company Limited (PetroChina). The company will
carry out the sale through a bookbuilt placing of the shares on
public markets.
BP acquired the stake of approximately 3.5 billion shares when 10 per
cent of PetroChina was floated on international markets in early
2000. The acquisition was a strategic move on BP's part to support
PetroChina's entry to the equity market and build relationships that
would help BP expand its Chinese business.
Gary Dirks, president of BP China, said: "Our equity investment in
PetroChina has been very successful and we believe now is an
appropriate time to divest the shares. BP remains committed to our
business with PetroChina - and in China as a whole, where we expect
to invest a further $3 billion over the next five years."
BP is one of the largest foreign investors in China's energy and
petrochemicals sectors. The company's activities in China include
production and import of natural gas; supply of aviation fuel; import
and marketing of liquefied petroleum gas; fuels retailing; lubricants
blending and sales and petrochemical manufacturing.
The placing of the shares will be arranged by Goldman Sachs
International.
This announcement does not constitute or form part of an offer,
solicitation of an offer or invitation to purchase or subscribe for
securities in any jurisdiction.
This announcement is directed only at (i) persons outside the United
Kingdom; or (ii) persons having professional experience in matters
relating to investments who fall within the definition of "investment
professionals" in Article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2001; or
(iii) high net worth bodies corporate, unincorporated associations
and partnerships and trustees of high value trusts as described in
Article 49(2) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2001 (all such persons 
together, "relevant persons"). Any investment or investment
activity to which this announcement relates is only available to and
will only be engaged in with relevant persons and persons who receive
this announcement who are not relevant persons should not rely on or
act upon this announcement.
This announcement includes statements that are forward-looking in
nature. By their nature, forward-looking statements involve risk and
uncertainty because they relate to events and depend on circumstances
that will occur in the future and are outside the control of BP.
Actual results may differ materially from those expressed in such
statements, depending on a variety of factors. Such factors may cause
actual results and developments to differ materially from those
expressed or implied by these forward-looking statements. Additional
information, including information on factors which may affect BP's
business, is contained in BP's Annual Report and Annual Accounts and
the Annual Report on Form 20-F filed with the US Securities and
Exchange Commission. BP does not assume any responsibility to update
any information included in this announcement.
Goldman Sachs International is acting for BP in connection with the
placing and no one else and will not be responsible to anyone other
than BP for providing the protections offered to clients of Goldman
Sachs International nor for providing advice in relation to the
placing.
- ENDS -
This information is provided by RNS
The company news service from the London Stock Exchange
end of announcement        euro adhoc 12.01.2004

Further inquiry note:

Further enquiries:

David Nicholas, BP press office, London: +44 (0)20 7496 4708
Steve Lawrence, BP press office, Hong Kong: +852 2586 8917

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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