£171m Chinese factory for BP

BP IS ploughing £171m into a factory in China that will make lubricants and greases for cars, boats and planes.

The oil major – one of the main foreign investors in the Chinese oil and gas sector – is expecting a surge in demand in the country.

The new plant, in Tianjin, will open in 2021 and will be BP’s third in China, following one in Shenzhen in 1998 and Jiangsu in 2005.

BP said: ‘Premium lubricants are a growth business for BP, and ensuring that we can meet demand in a country growing as quickly as China is essential to our success. This third plant demonstrates our commitment to strengthening our competitiveness and building a sustainable lubricants supply chain in China.’