01.03.2004 – 11:07

BP plc

euro adhoc: BP PLC
BP announces Disposal (E)

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  The issuer is responsible for the content of this announcement.

March 1, 2004

The following press release was issued in Singapore at 0700 local
time on March 1, 2004

BP to sell its stake in Singapore Refining Company to SPC BP and the
Singapore Petroleum Company Limited (SPC) announced today (March 1,
2004) that they have reached conditional agreement for SPC to
purchase BP's refining interests and one-third stake in Singapore
Refining Company Private Limited (SRC) for USD $140 million. The
refining interests include BP's one-sixth equity interest in the
Tanker Mooring Services Company Pte Ltd.

Subject to receiving the necessary approvals and consents, the
parties anticipate completing the transaction by June 30, 2004.

SPC already owns a one-third share of the 285,000 bpd refinery, with
the remaining one-third being owned by Caltex.

"SPC has been a long time strategic partner of BP in Singapore and we
are pleased to have reached an agreement with them which we believe
is of mutual benefit," said Mr William R. Bussing, BP's Manufacturing
Director.

"This acquisition is a logical step for SPC to consolidate its asset
base, strengthen its earnings capability and add to shareholders'
value. With healthier refining margins, this acquisition is expected
to enhance SPC's earnings," said Mr Choo Chiau Beng, SPC's chairman.

Notes to Editors:

· BP is one of the world's largest energy companies, with global
interests in more than 100 countries. It is a major producer of oil
and gas and has substantial refining, retail, petrochemical and solar
interests. The company employs more than 110,000 people worldwide.

· BP in Singapore which first started business in 1964, will
remain a knowledge hub for the region, hosting key functions such as
Legal, Tax, Audit, and Digital Communications Technology, and will
continue to play a key role in servicing BP's regional and global
business interests.

- ENDS -

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

end of announcement        euro adhoc 01.03.2004

Further inquiry note:

Further information:

Mathew Yap, BP Asia Pacific
Tel: 6371 8709 Fax: 6371 8761

Lynda Goh, BP Asia Pacific
Tel: 6371 8758 Fax: 371 8761

Wendy Silcock, BP Press Office, London
Tel: +44 (0)207 496 4358

Branche: Energy
ISIN: GB0007980591
WKN: 850517
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