Sale Completion

BP PLC
16 December 2005


BP SALE OF INNOVENE TO INEOS COMPLETED


BP announced today that the sale of Innovene, its petrochemicals group, to INEOS
completed at 13.30 hours, UK time.


'The sale of Innovene has been the biggest single divestment in BP's history and
with hard work on both sides we have completed it in just 10 weeks - ahead of
schedule and still in 2005. This is excellent news for BP's shareholders and I
wish Ineos and its staff success for the future,' said Lord Browne, BP group
chief executive.


Notes to editors:


• BP announced on 7th October 2005 that it would sell Innovene, its olefins, 
  derivatives and refining group, to UK-based INEOS. The $9 billion cash sale 
  included Innovene's manufacturing sites, markets and technologies.

• The European Commission cleared the proposed acquisition under the EU Merger 
  Regulation on 9th December.

• BP first announced the intention of separating its olefins and derivatives 
  business from its petrochemicals portfolio in April 2004 with an initial 
  public offering (IPO) as one, possible, disposal option. In the interim, it 
  received a number of approaches from companies considering a trade sale.


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BP:       Press Office      [phone]


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