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Stock Market & Financial Investment News

News Breaks
November 20, 2012
07:36 EDTAPU, UGI, BPUGI subsidiary to acquire LPG distribution business from BP in Poland
UGI Corporation (UGI) announced that its subsidiary, Flaga, has reached a definitive agreement to acquire the liquefied petroleum gas, or LPG, distribution business of BP (BP) in Poland. BP's Polish LPG business distributed over 150 million gallons of LPG in 2011 and serves the residential, commercial, autogas, and wholesale segments. Terms of the transaction were not disclosed. UGI is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, distributes propane both domestically and internationally, manages midstream energy and electric generation assets in Pennsylvania, and engages in energy marketing in the Mid-Atlantic region. UGI, through subsidiaries, is the sole General Partner and owns 26% of AmeriGas Partners (APU), the nation's largest retail propane distributor.
News For BP;UGI;APU From The Last 14 Days
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November 17, 2015
10:16 EDTBPBP confirms exploring sale of Alabama petrochemical facility
BP confirmed that it has decided to market for sale its Decatur, Alabama, petrochemicals complex as part of a broader reorganization of the company's global petrochemicals business. BP said its refocused petrochemicals strategy is pursuing a competitively advantaged portfolio through world-scale, low-cost facilities that utilize BP proprietary technology including the production of purified terephthalic acid, or PTA, a key raw material in the production of polyester. BP is spending $200M to upgrade its Cooper River, S.C., plant and its sister facility in Geel, Belgium - the largest PTA-producing sites in the Americas and Europe, respectively. The investment will enable the two facilities to lower operating costs, improve reliability and reduce emissions. Earlier this year, BP also started up its new Zhuhai 3 unit in Guangdong Province, China. Using BP's latest technology and capable of producing up to 1.25M tons of PTA per year, Zhuhai 3 is the world's largest single-train PTA production unit as well as being one of the largest and most efficient PTA production units in the world. While BP's Decatur complex no longer fits with this strategy, the facility has been a major contributor to BP's U.S. petrochemicals business for many years. It makes chemicals essential for the production of thousands of items, from plastic water bottles to flat-screen televisions. BP expects to complete a sale of all or part of the facility provided a buyer can be found and an acceptable deal can be reached. Reference Link
09:48 EDTBPBP to explore sale of Alabama petrochemical plant, Bloomberg reports
Bloomberg cites e-mailed statement from BP.
November 16, 2015
06:51 EDTBPBig energy firms saw 70% earnings dip for first nine months, WSJ says
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