BP plc has entered into a strategic agreement with China Resources Chemical Innovative Materials Holdings Limited (CRC). CRC is China’s one of the leading producers of PET (polyethylene terephthalate) plastic, and is an important consumer for PTA (purified terephthalic acid) produced by BP. CRC and BP are eager to work together and support each other along the polyester value chain. BP also agreed to become a shareholder of CRC in addition to the agreement. Through this strategic collaboration, the companies are anticipating effective integration of resources and mutual development of innovative technologies and new products with wider applications to widen their product portfolio.