BP To Exit Panasol Solvents Business

26-Sep-2001
BP announced today that it will cease production of Panasol® solvents at its Texas City refining and petrochemicals complex by year end and exit the Panasol solvents business. Following a review of the business, BP determined that Panasol solvent production was not core to BP’s petrochemical portfolio, said Frank Robertson, Poly Alpha Olefin, Polybutene and Panasols General Manager. “BP’s petrochemical strategy is focused on being a high-volume, low-cost producer of industrial chemicals and polymers and having leading edge process technology,” said Robertson. “The Panasol solvents business does not meet the criteria needed to warrant further investment.” The Texas City Panasol solvents unit was operated on a campaign basis producing approximately 50,000 tonnes of material a year. Panasol solvents are light aromatic solvents derived from naphtha.

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