BP, an oil and petrochemicals company, agreed to acquire BP Midstream Partners, a midstream assets developer, operator and manager, for $712m. In line with bp's strategy introduced last year of becoming an integrated energy company, this transaction will deepen bp's interests in, and simplifies the ownership and governance structure of, midstream assets that support integration and optimisation of its fuels value chain in the US. This transaction provides the opportunity for BPMP unitholders to participate in this strategy.