BP concludes sales negotiations with Malaysian energy firm

Petronas will acquire stakes in two companies

BP has concluded sales negotiations with Malaysian energy company Petronas, it has been revealed.

The British oil giant will sell stakes in two petrochemical production companies to Petronas for $363 million (£236 million).

Petronas will acquire BP's 15 per cent stake in Ethylene Malaysia and its 60 per cent share in Polyethylene Malaysia.

It said in a statement: "BP today announced that it has agreed to sell its interests in ethylene and polyethylene production in Malaysia to Petronas."

BP has been looking to sell up to $30 billion (£19.5 billion) worth of assets in order to cover the rising costs of the Gulf of Mexico oil spill. However, the firm claims the move was not motivated by money.

"This is something that had been mooted for some time," the company told the Financial Times.

BP will receive a $48 million (£31 million) dividend before the deal is completed by the end of the year.