Disposal

BP PLC
10 February 2004


February 10, 2004


BP CONCLUDES PLACING OF STAKE IN SINOPEC

BP announced today that it has concluded the placing of its entire 2.1 per cent
stake in China Petroleum and Chemical Corporation (Sinopec), announced earlier
today.

BP has agreed to sell its stake of around 1.8 billion 'H' shares in Sinopec at a
price of HK$3.15 a share, raising a total of approximately HK$5.8 billion
(US$742 million). Settlement is due to occur on February 13, 2004.

The placing of the Sinopec shares was arranged by Morgan Stanley on behalf of
BP.

Further enquiries:

David Nicholas, BP press office: [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.

Morgan Stanley & Co. International Limited 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 Morgan Stanley & Co.
International Limited nor for providing advice in relation to the placing.

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