BP did not disclose the sale price, but sources confirmed local press reports that the deal was worth around $180 million.
"We are delighted to have reached this agreement with our existing partner in the business," Peter Worth, head of BP Malaysia, said in a statement. "In particular we are pleased that LTAT have said that they expect to retain the majority of the staff who have worked hard to make the business so successful."
BP said the decision to sell its Malaysian fuels business was consistent with its global strategy of focusing on markets and segments where it can expand its presence. "BP will continue to focus resources on its Malaysian chemicals, lubricants and solar power businesses, which are competitive, world-class assets," the statement said. These comprise four petrochemical operations, a lubricant blending plant and a solar manufacturing plant.
The latest agreement follows the recently announced sale of BP's refining assets in Singapore, to Singapore Petroleum Co., including its one-third stake in the Singapore Refining Co.
