According to Reuters report indicated that BP has agreed to sell its 50% stake in the Shanghai SECCO Petrochemical Company to a subsidiary of its joint venture partner Sinopec for USD 1.68 billion. The sale represents BP's first major divestment of a year in which it expects to sell assets worth between USD 4.5 billion and USD 5.5 billion this year. It said it decided to sell out of the business because it wants to focus on areas where BP has proprietary technologies that give them a competitive advantage. However, the company said it remains open to potential chemicals deals in China. China is a key region for our chemicals business and BP will continue to look for opportunities to build on our position in the country.