Oil and gas firm BP recently entered into a new strategic cooperation agreement with Chinese polyethylene terephthalate (PET) plastic producer China Resources Chemical Innovative Materials Holdings Limited (CRC) to jointly work on improving the polyester value chain and sourcing of purified terephthalic acid (PTA).
“BP and CRC already have a close and longstanding relationship and we look forward to building on it further,” Luis Sierra, chief executive officer of BP’s Global Aromatics Unit, said in a company press release this month. “We can see opportunities to work together to streamline and increase collaboration along the polyester value chain, improving flexibility, and creating value.”
The Chinese company is a major buyer of PTA produced by BP. Under the terms of the deal, the oil and gas company will invest in CRC and acquire some of its stock.
“BP is CRC’s important strategic partner in the polyester value chain. Through deepened cooperation, we anticipate effective integration of our resources, bringing advantages for both partners,” Zhu Zhenda, managing director of CRC, said in a statement. “We will work together to develop innovative technologies, new products, and applications for our customers in the future.”
The largest PTA plant in BP’s network is located in southern China.