BP seeks buyers for petrochem JV stake

British oil major BP Plc is seeking buyers for its 50 percent stake in a Chinese petrochemicals joint venture, its single largest investment in China, in a deal that would fetch $2 billion to $3 billion, people familiar with the matter said.

BP has hired an investment bank to sell its shareholding in Shanghai SECCO Petrochemical Co Ltd as part of a drive to cash out of businesses where it lacks control, the sources added.

A successful deal would mark BP's first significant exit from a business in China.