Disposal

BP PLC
12 January 2004


press release

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION INTO OR IN CANADA, AUSTRALIA OR
JAPAN

January 12, 2004

                      BP TO SELL STAKE IN PETROCHINA


BP announced today that it intends to sell its 2 per cent equity stake in
PetroChina Company Limited (PetroChina). The company will carry out the sale
through a bookbuilt placing of the shares on public markets.

BP acquired the stake of approximately 3.5 billion shares when 10 per cent of
PetroChina was floated on international markets in early 2000. The acquisition
was a strategic move on BP's part to support PetroChina's entry to the equity
market and build relationships that would help BP expand its Chinese business.

Gary Dirks, president of BP China, said: 'Our equity investment in PetroChina
has been very successful and we believe now is an appropriate time to divest the
shares. BP remains committed to our business with PetroChina - and in China as a
whole, where we expect to invest a further $3 billion over the next five years.'

BP is one of the largest foreign investors in China's energy and petrochemicals
sectors. The company's activities in China include production and import of
natural gas; supply of aviation fuel; import and marketing of liquefied
petroleum gas; fuels retailing; lubricants blending and sales and petrochemical
manufacturing.

The placing of the shares will be arranged by Goldman Sachs International.

Further enquiries:

David Nicholas, BP press office, London: [phone]
Steve Lawrence, BP press office, Hong Kong: [phone]


This announcement does not constitute or form part of an offer, solicitation of
an offer or invitation to purchase or subscribe for securities in any
jurisdiction.

This announcement is directed only at (i) persons outside the United Kingdom; or
(ii) persons having professional experience in matters relating to investments
who fall within the definition of 'investment professionals' in Article 19(5) of
the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001; or
(iii) high net worth bodies corporate, unincorporated associations and
partnerships and trustees of high value trusts as described in Article 49(2) of
the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001
(all such persons together, 'relevant persons'). Any investment or investment
activity to which this announcement relates is only available to and will only
be engaged in with relevant persons and persons who receive this announcement
who are not relevant persons should not rely on or act upon this announcement.

This announcement includes statements that are forward-looking in nature. By
their nature, forward-looking statements involve risk and uncertainty because
they relate to events and depend on circumstances that will occur in the future
and are outside the control of BP. Actual results may differ materially from
those expressed in such statements, depending on a variety of factors. Such
factors may cause actual results and developments to differ materially from
those expressed or implied by these forward-looking statements. Additional
information, including information on factors which may affect BP's business, is
contained in BP's Annual Report and Annual Accounts and the Annual Report on
Form 20-F filed with the US Securities and Exchange Commission. BP does not
assume any responsibility to update any information included in this
announcement.

Goldman Sachs International is acting for BP in connection with the placing and
no one else and will not be responsible to anyone other than BP for providing
the protections offered to clients of Goldman Sachs International nor for
providing advice in relation to the placing.

- ENDS -




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            The company news service from the London Stock Exchange