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 to sell off petrochemical business BP to sell off petrochemical business BP to sell off petrochemical business BP to sell off petrochemical business BP to sell off petrochemical business

BP chief Bernard Looney

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