New subsidiary name

BP PLC
21 March 2005


press release

Embargoed until 16.00 UK/10.00 Chicago, 21 March, 2005


BP ANNOUNCES NEW IDENTITY FOR PETROCHEMICALS COMPANY

BP announced today that the name of its new olefins and derivatives subsidiary
will be Innovene.

Innovene will be formed as a separate entity within the BP Group in April, with
more than $9 billion in assets and $15 billion in third-party sales globally.
The new company will be headquartered in Chicago and have more than 8,500
employees at 26 principal sites around the world.

'Innovene combines the best in our BP heritage with the focus and discipline of
being independent. Our new name speaks to our aspiration to challenge ourselves
and the status quo in our sector,' said Ralph Alexander, CEO. 'Like BP, we are a
truly global company, with major operations in Asia, North America and Europe.'

The choice of name for Innovene was built upon interviews and research conducted
among the company's employees, customers and industry analysts worldwide.
Innovene will be among the five largest petrochemical companies in the world and
a Fortune 150-scale company, with global production of more than 15 million
tonnes of petrochemicals a year.

Notes to editors:

   • Innovene's new company's logo can be downloaded from: http://
     www.innovene.com/innovene/images/innovene_logo_jpeg.zip
   • Innovene (www.innovene.com) will be created as a wholly owned subsidiary
     of BP on April 1, 2005. BP expects to sell the company later in 2005,
     possibly by way of an IPO, subject to necessary approvals and market
     conditions.
   • Innovene's major manufacturing sites include Grangemouth in Scotland,
     Lavera in France, Koln in Germany and Lima, Chocolate Bayou and Green Lake
     in the US. SECCO, the joint venture with Sinopec and SPC in Shanghai and 
     the largest petrochemical complex in China to date, is due to become fully
     operational in the next few months.
   • Innovene manufacturers petrochemicals, including olefins (ethylene and
     propylene) and their derivatives such as polyethylene, polypropylene,
     acrylonitrile, linear alpha olefins, polyalphaolefins, and solvents, as 
     well as gasoline, diesel and other refined products made in the Grangemouth 
     and Lavera refineries. These chemicals are used to make a wide variety of
     plastic goods, including food and drink containers and wrappings, pipe 
     work, automotive parts and mouldings of all kinds.

Further media enquiries:
BP. Tel: [phone].

                                    - ENDS -




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