KUFPEC, an oil company, completed the acquisition of a 34% stake in Yacheng gas field in the South China Sea from BP, an oil and gas company, for $308m. “This sale is part of BP’s ongoing global portfolio optimization. BP remains committed to working with China to contribute its deep expertise and oil and gas supply options in this important emerging market. The sale takes BP’s total divestments announced since 2010 to $37.8bn," Chen Liming, BP China President.