Exclusive: BP Seeks Buyers For China Petchem JV Stake In Up To $3 Billion Deal: Sources

British oil major BP 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-$3 billion, people familiar with the matter told Reuters.

BP has hired an investment bank to sell its shareholding in SECCO as part of a drive to cash out of businesses where it lacks control, the people added. A successful deal would mark BP's first significant exit from a business in China.