BP PLC Labels Asbestos Related Lawsuits "Not Material"  
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Published November 29, 2002


BP Plc, Europe's second-largest oil company by market value, said it has
outstanding claims for asbestos, a material linked to cancer that has 
been used for fireproofing and insulation.  

"BP believes that the impact of these claims would not have a material 
impact on the company's financial results," said Brian  Dinges, a 
spokesman for the company in Chicago, in a telephone interview.  He 
declined to quantify the number of claims. 

A growing number of European companies, such as ABB Ltd., DaimlerChrysler 
AG and Cie. de Saint-Gobain SA, are being ensnared by asbestos claims. 
ABB shares have plunged 85 percent this year as concern mounted among 
analysts that potential liabilities would reach into the billions of 
dollars.  ABB has more than 100,000 claims outstanding.

The use of asbestos as an insulator and fire-break, which was widespread
in the U.S. until the 1970s and used in Europe until the 1990s, has been
linked to respiratory illnesses and mesothelioma, a form of cancer in 
the chest and abdomen. 

"It's not our policy to comment on specific litigation matters," Mr. 
Dinges said.  "We have been actively managing this for  years."
  
COMPANY PROFILE
BP plc. (NYSE: BP) 
Britannic House, 1 Finsbury Circus
London EC2M 7BA, United Kingdom     
Phone: +44-20-7496-4000
Fax: +44-20-7496-4630 
http://www.bp.com 
  
Employees           :           110,150 
Revenue             : $ 174,218,000,000  
Net Income          : $   8,010,000,000
Assets              : $ 141,158,000,000
Liabilities         : $  66,791,000,000  
(As of December 31, 2001)

Description: BP, formerly BP Amoco, is the world's #2 integrated oil 
company, behind Exxon Mobil. The company, which was formed in 1998 from 
the merger of British Petroleum and Amoco, has grown further by buying 
Atlantic Richfield Company(ARCO). BP has proved reserves of 15.2 billion
barrels of oil equivalent, including large holdings in Alaska.. It is 
the largest US oil and gas producer. Also a top refiner (3.4 million 
barrels of oil per day capacity) and petrochemicals and specialty
chemicals manufacturer, it has expanded by buying motor-oil maker Burmah
Castrol. BP operates 29,000 gas stations worldwide.

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