BP Solvay Joint Venture

BP PLC
03 November 2004


press release

3 November, 2004


              BP AND SOLVAY COMPLETE PLASTICS ASSETS TRANSACTIONS

BP today announced that it has reached agreement with Solvay to acquire Solvay's
share of the BP Solvay joint ventures which were established in 2001. This marks
the completion of an asset exchange deal announced in December 2000 in which BP
transferred engineering polymer assets to Solvay, Solvay transferred
polypropylene assets to BP, and two high density polyethylene (HDPE) joint
ventures were set up in the US and Europe.

Subject to regulatory approvals, BP will purchase Solvay's share of the HDPE
manufacturing plant and businesses. The joint ventures will be terminated in
early 2005.

'HDPE is an important part of our olefins and derivatives business. This deal
will help launch our new O&D business on a sound footing,' said Ralph Alexander,
CEO of the new company.

Notes to editors

The BP Solvay joint ventures comprise HDPE business interests and manufacturing
sites in Europe and the USA with a total capacity of 2.6 million tonnes.
In the Europe jv, BP's interest is 50% of 1,566,000 tonnes capacity from five
sites employing approximately 1000 staff.

In the US jv, BP's interest is 49% of 1,000,000 tonnes capacity from two sites
employing approximately 300 staff.



Further enquiries:

Robert Wine, BP press office, London - tel: [phone]
Scott Dean, BP press office, Chicago - tel: [phone]
Martial Tardy, Solvay press office, tel: [phone]

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