Indian conglomerate Reliance Industries is in talks with British oil giant BP to buy its 610 kilotonne/year purified terephthalic acid (PTA) plant in Kuantan, Malaysia, as it seeks to replicate its domestic success in building fully integrated operations in all its businesses, said recent news reports.

BP sold its Malaysian ethylene and polyethylene capacities to national petroleum company Petronas in 2010.

In 2007, Reliance acquired Malaysia-based firm Hualon Corp, an integrated textile company and the largest player in South Asian markets. The acquisition of the PTA plant in Kuantan would therefore help Reliance integrate it with Hualon's polyester capacities, said the report.

BP kicked off a US$38bil divestment programme in 2010 to reposition itself as a smaller company with a focus on promising markets, and to raise cash to shore up investor confidence following the oil spill in the Gulf of Mexico.

Since then it has divested assets worth US$24 billion. BP aims to divest another US$14 billion of assets by the end of next year.