BP divests Ningbo LPG assets

British oil major BP has sold its LPG (Liquefied petroleum gas) assets in the port city of Ningbo to a local trader of the fuel, the latest move by the oil giant to slim its LPG business in China.

BP sold the LPG assets in its subsidiary Ningbo BP LPG Co to Oriental Petroleum (Yangtze) Ltd, the British oil company said.

The deal was closed as of August 21, BP said in a statement, but did not disclose financial details.