PRESS RELEASE: BP completes sale of KPC stake to Bumi Resources

Jakarta, October 10, 2003 -- BP announced today that it has completed the sale of its 50 percent interest in the Indonesian coal mining company PT Kaltim Prima Coal (KPC) to PT Bumi Resources for $250 million in cash including assumed debt.

PT Bumi Resources, a publicly quoted Indonesia company, has also completed an identical deal with Rio Tinto for their 50 percent interest in KPC and is therefore now the sole owner of KPC.

The completion of the KPC sale means that BP no longer has any coal interests, its other coal operations having been sole in 1989-1990.

Notes to Editors:

KPC operates a world-class coal mine located near Sangatta in East Kalimantan, Indonesia, which produces around 18 million tones of steaming coal per annum.

KPC directly employs about 2,700 people and contributes around $450 million each year in export revenue to Indonesia.

BP?s advisors on the transaction were JP Morgan (financial) and Linklaters (legal).

source: BP Indonesia