BP has signed a strategic cooperation agreement with one of China’s leading producers of polyethylene terephthalate plastic, China Resources Chemical Innovative Materials Holdings Limited. CRC is already an important customer for BP’s production of purified terephthalic acid in China. CRC and BP have agreed to explore opportunities to strengthen their co-operation on PTA sourcing and work together along the polyester value chain. They have also agreed to explore further opportunities to work together. Associated with this agreement, BP also agreed to invest in and become a shareholder of CRC.

PET is a type of polyester plastic, used widely for beverage and food packaging, and PTA is one of the key raw materials for its production.

Established in 2007, CRC is a leading producer of non-fibre-grade polyester. With production centres based in Changzhou, Jiangsu province, and Zhuhai, Guangdong province, its manufacturing facilities have an annual capacity of 2.2 million tonnes of PET. With its high-quality research and development capability, CRC is also exploring development of advanced downstream products, such as polyethylene terephthalate glycol