BP has agreed to sell its wholly owned subsidiary, ARCO Aluminum, to a special purpose vehicle incorporated by a consortium of Japanese companies for $680m.

The consortium is comprised of Sumitomo Light Metal Industries (40%), Furukawa Sky Aluminum Corp (35%), Sumitomo Corp (20%), Itochu Corp (2%), and Itochu Metals Corp (3%).

Subject to obtaining required regulatory approvals, the parties expect to complete the transaction in the third quarter of 2011.

BP said that it remains on track to meet its target of achieving up to $30bn of divestments by the end of this year, and including ARCO Aluminum, the company has now entered into agreements for divestments with a total value of over $24bn.

ARCO Aluminum is a supplier of rolled aluminium sheet, used primarily in the production of beverage cans.