During the last three decades, BP has taken an active part in China's economic development as a leading foreign investor. BP China's robust growth and outstanding achievements have established China's strong position in BP's world market and contributed deeply to BP's global development.
BP has experienced three main stages in China. In the early 1970s, it started to trade and license its technologies. In the 1980s, BP started to explore for oil and gas offshore in China. Since 1990, BP's business has grown to include the supply of aviation fuel, import and marketing of liquefied petroleum gas (LPG) and natural gas, retail service stations, production and sale of lubricants, joint venture chemical plants.
During the last three decades, we have played an active role in China's economic development. BP is the leading LPG importer and operator in China and the only foreign company participating in China's aviation fuels market. BP's joint venture, Yangtze River Acetyls Company (Yaraco), is one of the biggest acetic acid plants in China. In partnership with Fu Hua Group, BP established a world-class PTA manufacturing plant in Zhuhai in early 2003. So far BP is also one of the largest foreign investors in retail service stations network in China running nearly 600 JV sites.
We have evolved as a foreign company operating in China, to a company that is very much a part of China. At BP, everything we do is focused on our core mission: contribute to provide sustainable energy solutions and fuels, chemical products and services to improve the quality of people's lives in the 21st century and beyond.