BP TO ACQUIRE SPANISH REFINER/MARKETER

British Petroleum Co. plc is making a $450 million bid to become a major force in Spain's expanding downstream sector. BP has agreed in principle to acquire 24.9% of Petromed SA, the third largest refiner and marketer in Spain, from La Corp. Industrial y Financiera de Banesto SA (LCB). Toward the end of this month BP will make a public offering for the remaining 75.1% of shares in Petromed, including 20.1% which will still be held by LCB and not included in the initial agreement with BP. BP

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