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euro adhoc: BP PLC
Joint Ventures
BP TO MERGE JAPANESE AUTOMOTIVE LUBRICANTS BUSINESS WITH PETROLUB INTERNATIONAL (E)

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
August 4, 2004
The following release was issued in Tokyo at 1530 local time today
BP TO MERGE JAPANESE AUTOMOTIVE LUBRICANTS BUSINESS WITH PETROLUB
INTERNATIONAL
BP Japan and Petrolub International announced today that they have
reached an agreement to merge their automotive lubricant businesses
and create a new company called BP Castrol KK with combined total
sales revenues of $180 million (JPY20 billion).
Petrolub International, which is publicly traded on the 1st Section
of the Tokyo Stock Exchange, has been importing, manufacturing and
marketing BP and Duckhams branded automotive lubricants since 1978
with BP holding a 31.54 per cent interest in the company.  However
the Castrol lubricants business, which BP acquired in 2000, is
currently operated by BP Japan.
"This deal brings together the strong lubricant brands of the BP
Group in Japan, which is the second largest automotive lubricants
market in the world, and will create a broader platform from which to
develop the business further," said Mike Johnson, BP's Asia Pacific
lubricants vice president.
Following the transaction, BP will own around 70 per cent of BP
Castrol KK, which will continue to be traded on the Tokyo stock
exchange, and will also operate the new combined business.  The
parties anticipate completing the transaction, which requires
shareholder approval, around the turn of the year.
"This merger will strengthen the sales operations of BP Group
automotive lubricants within Japan," said K Ohashi, president of
Petrolub. "In particular it will enable us to provide an enhanced
service - fully supported by the global BP lubricants organisation -
to our Japanese customers."
Until such time as BP Castrol KK is formed, currently estimated to be
around January 1, 2005, BP Japan and Petrolub will continue to
operate their respective lubricants businesses as separate
operations, observing the highest operational and safety standards,
while preparing for a smooth transition.
Notes to Editors:
·              BP is one of the world's largest energy companies,
with interests in more than 100 countries and over 103,000 employees.
·              BP has been doing business in Japan since the 1950s
and gained a listing on the Tokyo Stock Exchange in August 1987.  It
currently operates in the chemicals, gas and power, lubricants,
marine, solar and trading sectors.
·              The Japanese automotive lubricants market is around
$2bn (JPY200bn) per annum, making it the second largest in the world.
·              The combined net asset value of the new company is in
excess of $63 million (JPY7 billion).
- ENDS -
This information is provided by RNS
            The company news service from the London Stock Exchange
END
end of announcement        euro adhoc 04.08.2004

Further inquiry note:

Further information:

Hiromi Barada, BP Japan, tel: +81 3 3796 6404
Wendy Silcock, BP London, tel: +44 (0)207 496 4358

Branche: Energy
ISIN: GB0007980591
WKN: 850517
Index:
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