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Last Updated: Wednesday, 8 June 2005, 07:38 GMT 08:38 UK
BP in $2bn Saudi investment deal
BP logo outside petrol station
BP says the agreement ensures long-term growth opportunities
Oil giant BP has announced plans to invest up to $2bn (1.1bn) in Saudi Arabia's petrochemicals industry.

The UK company said its subsidiary Innovene has signed a memorandum of understanding with Saudi development firm Delta International.

"The memorandum marks the beginning of detailed negotiations between Innovene and Delta," BP said.

The company said the investment would form a "platform for long-term growth opportunities" in Saudi Arabia.

BP reported a 29% jump in first-quarter net profits in April, boosted by a sharp increase in world oil prices.

The company has said that Innovene could be the subject of a flotation later in 2005.

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