The data for BP CHEMICALS LIMITED shows a fluctuating trend in the average time taken to pay invoices to suppliers. In the first three periods, there was a decrease in the average time to pay, from 52 days in 2018 to 46 days in 2019. However, in the last two periods, there has been an increase in the average time taken to pay, with a significant jump from 44 days in 2020 to 60 days in 2021.
The volatility in the data can be seen in the changes in the percentage of invoices paid within 30 days and those paid later than 60 days. In the first two periods, there was a consistent trend of 17% and 14% of invoices being paid within 30 days and later than 60 days, respectively. However, in the following two periods, there was a significant increase in the percentage of invoices paid within 30 days, with a peak of 41% in 2020, and a decrease in the percentage of invoices paid later than 60 days. The last period shows a sharp increase in the percentage of invoices paid later than 60 days, from 10% in 2020 to 36% in 2021.
For BP CHEMICALS LIMITED, the average time taken to pay invoices to suppliers has been fluctuating, with a decrease in the first two periods and an increase in the last two periods. The percentage of invoices paid within 30 days has consistently been between 17-18% in the first two periods, but there was a significant increase in the following two periods, reaching a peak of 41% in 2020. However, there has been a sharp increase in the percentage of invoices paid later than 60 days in the last period, which has also affected the percentage of invoices not paid within agreed terms, reaching a high of 43% in 2021. The shortest (or only) standard payment period has remained at 45 days throughout all periods.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jul 2021 - 31 Dec 2021 | 26 Jan 2022 | |||||
| 01 Jan 2021 - 30 Jun 2021 | 27 Jul 2021 | 60 | 21% | 43% | 36% | 43% |
| 01 Jul 2020 - 31 Dec 2020 | 25 Jan 2021 | 44 | 41% | 50% | 10% | 11% |
| 01 Jan 2020 - 30 Jun 2020 | 29 Jul 2020 | 48 | 35% | 54% | 11% | 12% |
| 01 Jul 2019 - 31 Dec 2019 | 29 Jan 2020 | 48 | 32% | 55% | 14% | 14% |
| 01 Jan 2019 - 30 Jun 2019 | 29 Jul 2019 | 46 | 23% | 65% | 12% | 14% |
| 01 Jul 2018 - 31 Dec 2018 | 30 Jan 2019 | 49 | 18% | 68% | 14% | 18% |
| 01 Jan 2018 - 30 Jun 2018 | 27 Jul 2018 | 52 | 17% | 69% | 14% | 17% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Standard contractual terms for the payment to suppliers is 45 days.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
Payment statistics disclosed in this report can be affected by a number of different factors including payments made to other BP group companies which are included within the data disclosed. Invoices are often reported as due but not paid within agreed terms because contract payments due on weekends or bank holidays are typically paid on the following business day and the company typically initiates payments in batches, on a daily basis; where this is the case payments will normally be received by the supplier within a few days of the due date.
Maximum contractual payment period agreed
90
In the event that the parties are unable to resolve a dispute, the dispute will be resolved by the English courts.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
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Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
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Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
BP Chemicals Limited is a British multinational company that specializes in the production and distribution of chemicals and petrochemicals. Founded in 1986, the company operates in over 50 countries and has a strong commitment to sustainability and environmental responsibility.
The company's sustainability program focuses on reducing its carbon footprint and promoting the use of renewable energy sources. They have set ambitious targets to reduce their greenhouse gas emissions and increase their use of renewable energy, such as wind and solar power.
BP Chemicals Limited offers a wide range of products and services, including polymers, solvents, and fertilizers. Their products are used in various industries such as construction, packaging, and agriculture. The company also provides custom solutions for specific customer needs and offers technical support to ensure the safe and efficient use of their products.
The key people at BP Chemicals Limited include CEO Bernard Looney and Chairman Helge Lund, both of whom have a strong background in the energy and chemical industries. The company has a team of highly skilled and experienced employees who are committed to delivering high-quality products and services to their customers.
To contact BP Chemicals Limited, their website address is www.bp.com/chemicals and their registered office address is BP Chemicals Limited, 1 St James's Square, London SW1Y 4PD, United Kingdom. Customers can also reach them through their customer service hotline at +44 (0)20 7496 4000. Overall, BP Chemicals Limited is a leading player in the chemical industry with a strong focus on sustainability and delivering innovative products and services to their customers.
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