BP signed a strategic cooperation agreement with China Resources Chemical Innovative Materials Holdings Ltd. (CRC), a major producer of polyethylene terephthalate (PET) in China.
CRC is already a notable customer of BP’s purified terephthalic acid (PTA) production in China.
The two companies have agreed to strengthen cooperations and explore opportunities on PTA sourcing and polyester value chain.
BP has also agreed to invest in CRC and become a shareholder.
