Disposal

BP PLC
01 March 2004

March 1, 2004

The following press release was issued in Singapore at 0700 local time on March
1, 2004

BP to sell its stake in Singapore Refining Company to SPC BP and the Singapore
Petroleum Company Limited (SPC) announced today (March 1, 2004) that they have
reached conditional agreement for SPC to purchase BP's refining interests and
one-third stake in Singapore Refining Company Private Limited (SRC) for
USD $140 million. The refining interests include BP's one-sixth equity interest
in the Tanker Mooring Services Company Pte Ltd.

Subject to receiving the necessary approvals and consents, the parties
anticipate completing the transaction by June 30, 2004.

SPC already owns a one-third share of the 285,000 bpd refinery, with the
remaining one-third being owned by Caltex.

'SPC has been a long time strategic partner of BP in Singapore and we are
pleased to have reached an agreement with them which we believe is of mutual
benefit,' said Mr William R. Bussing, BP's Manufacturing Director.

'This acquisition is a logical step for SPC to consolidate its asset base,
strengthen its earnings capability and add to shareholders' value. With
healthier refining margins, this acquisition is expected to enhance SPC's
earnings,' said Mr Choo Chiau Beng, SPC's chairman.

Notes to Editors:

   • BP is one of the world's largest energy companies, with global interests
    in more than 100 countries. It is a major producer of oil and gas and has
    substantial refining, retail, petrochemical and solar interests. The company
    employs more than 110,000 people worldwide.


   • BP in Singapore which first started business in 1964, will remain a
    knowledge hub for the region, hosting key functions such as Legal, Tax,
    Audit, and Digital Communications Technology, and will continue to play a
    key role in servicing BP's regional and global business interests.

Further information:

Mathew Yap, BP Asia Pacific

Tel: [phone] Fax: [phone]

Lynda Goh, BP Asia Pacific
Tel: [phone] Fax: [phone]

Wendy Silcock, BP Press Office, London
Tel: [phone]

                                    - ENDS -



                      This information is provided by RNS
            The company news service from the London Stock Exchange
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