BP to sell off petrochemical business

BP will sell its global petrochemicals business to INEOS for US$5 billion as it reaches its divestment target a year early and scrambles to raise cash for its net-zero structural overhaul.

BP chief Bernard Looney

30 June 2020
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Under the agreement announced overnight, the UK-based INEOS will pay a US$400 million deposit and will pay $3.6 billion upon completion.

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