BP plc

euro adhoc: BP PLC
BP announces Disposal (E)

---------------------------------------------------------------------   Disclosure announcement transmitted by euro adhoc.   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
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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