BP sells off two Malaysia stakes to ease spill hit

BP is selling stakes in two of its businesses in Malaysia, it said today, part of a drive to raise

The sale of the ethylene and polyethylene plants to Petronas will raise $363 million (£236 million). In July BP pledged to offload up to $30 billion worth of assets over the next 18 months to pay for the disaster.

The deal will pass control of BP's 60% interest in Polyethylene Malaysia and its 15% in Ethylene Malaysia to Petronas. The plants, based in the city of Kertih on the east coast, make products which are mainly used in packaging and film manufacture. Both plants are already operated by Petronas.

BP says "the timing was right for both companies" and insists its other business interests in Malaysia will not be affected.

BP shares have tumbled from more than 600p in April. Today they gained 3.4p to 384p.