Disposal

BP PLC
07 January 2003


January 7, 2003

                    BP TO SELL SERICOL TO SARATOGA PARTNERS


BP announced today that it has reached agreement to sell Sericol, the speciality
printing chemicals business of Burmah Castrol, to funds managed by Saratoga
Partners, a New York-based investment firm specialising in private equity
investments.

Sericol will be purchased from Burmah Castrol plc and its affiliates for £74.5
million in cash and assumed debt. Subject to regulatory and other approvals, the
companies expect to complete the transaction during the first quarter of 2003.

Sericol is a world leader in the supply of printing solutions to the global
screen printing industry, with products including premium inks and other
consumables together with strong technical and advisory services.

Its main manufacturing facilities are at Broadstairs, UK, and Kansas City,
Missouri, USA and it has other manufacturing operations in Australia, India,
China and Brazil. Sericol employs around 1,200 staff worldwide. In 2002, Sericol
had a turnover of some £130 million.

Saratoga Partners specialises in making private equity investments in
partnership with management in the manufacturing, business services, and media
and telecommunications,  industries. Following the completion of the purchase,
Sericol will continue to be led by the existing management team, headed by chief
executive Ed Carhart.

Gordon Souter, BP business unit leader Castrol Chemicals, said: 'When we bought
Burmah Castrol in 2000 we knew that, although it was a good business, Sericol
did not fit with the rest of our portfolio and that we would look to dispose of
it. We believe this deal reflects the true value of the business and will
provide a good future for Sericol and its staff.'

BP was advised in this sale by Credit Suisse First Boston.


Further enquiries:

David Nicholas, BP press office, tel: [phone]


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