Re Joint Venture

BP PLC
1 November 2001

November 1, 2001

BP COMPLETES DEAL TO STRENGTHEN CORE POLYMERS BUSINESSES

BP has completed its deal with Solvay, announced in December 2000,
significantly strengthening its core polyolefins businesses in Europe and the
USA.

As result of the deal, BP has added Solvay's global polypropylene business to
its existing business and the two companies have combined their high-density
polyethylene (HDPE) businesses into two joint ventures. BP has also
transferred its non-core engineering polymers business to Solvay.

Completion of the deal followed approval from the European Commission and
other regulatory authorities.

The deal makes BP the world's second largest producer of polypropylene. The
two HDPE joint ventures - BP Solvay Polyethylene Europe (50 per cent BP, 50
per cent Solvay), led by Robin McGill from BP, and BP Solvay Polyethylene
North America (49 per cent BP, 51 per cent Solvay), led by Foster Brown from
Solvay - will together also be a leading player in their sector.

'This is a significant step in repositioning and upgrading our chemicals
portfolio,' said Byron Grote, chief executive of BP's chemicals businesses. '
The deal expands BP's worldwide reach in our core petrochemicals businesses,
while exiting a non-core business.'

He added: 'Our priority will now be to fully integrate the polypropylene
businesses and operate the HDPE partnership to access maximum synergies from
these combinations.'

Further enquiries:

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

Scott Dean, BP press office, Chicago: [phone]



- ENDS -