Acquisition

BP PLC
05 March 2007

March 5, 2007

                     BP TO PURCHASE CHEVRON'S MANUFACTURING
                          BUSINESS IN THE NETHERLANDS

BP announced today that it has agreed to purchase Chevron's Netherlands
manufacturing company, Texaco Raffinaderij Pernis B.V., for around $900 million,
excluding working capital and hydrocarbon inventory. As a result of the deal, BP
will acquire Chevron's 31 per cent minority shareholding in the Netherlands
Refining Company (Nerefco), Chevron's stake in the jointly owned wind farm
located at the refinery and their shareholdings in the nearby TEAM crude oil
terminal and storage facility and a number of associated pipelines.

On completion of the transaction, which is expected during the first half of the
year subject to the required regulatory approvals, Nerefco Refinery, which is
located in Europoort, Rotterdam, will become a 100 per cent BP owned asset.

'Nerefco is a large, flexible refinery that is ideally configured to serve the
growing demands for clean transport fuels, particularly diesel, throughout
Europe,' says John Manzoni, chief executive of BP refining and marketing. 'As
sole owners we will be able to simplify the existing operations which were
designed to meet the individual requirements of each party.'

Nerefco has a crude distillation capacity of 400,000 barrels a day, one of the
largest in Europe, and can export products worldwide in addition to serving
European markets. The transaction is not expected to have any impact on day to
day operations at the refinery or on its employees.

Notes to Editors:

• BP currently owns or has shareholdings in eight European refineries,
  giving it a total crude distillation capacity of 926,000 barrels a day.

• BP recently announced that it has agreed to sell its Coryton refinery
  in the UK with a crude distillation capacity of 172,000 barrels a day, to
  Petroplus Holdings AG for $1.4 billion.

• Once the sale of Coryton and the acquisition of Chevron's shareholding
  in Nerefco are completed, BP will have an interest in seven European refineries
  and a crude distillation capacity of 878,000 barrels a day.

Further information:

BP Press Office, London, tel: [phone]

- ENDS -



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