Oil giant BP today posted record first-quarter profits of $4.72 billion (£2.64 billion sterling) and unveiled plans to hive off half of its petrochemicals arm.
The results - a 17 per cent rise on a year ago - were boosted by oil prices reaching their highest level since before the Gulf War in 1990.
Gains were also made on sales of stakes in China's two leading oil firms, while there was another positive contribution from its Russian joint venture TNK-BP.
Chief executive Lord Browne said BP was on track to meet its targets which include returning spare cash to shareholders through a share buy-back programme.
He also announced that the company may seek a stock market listing for 50 per cent of its petrochemicals business in the second half of 2005.
PA
