Business

BP Sells Petrochemicals Arm to Ineos for $5 Billion

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The BP logo is pictured at a petrol station in central London, U.K., on Feb. 1, 2011. (Ben Stansall/AFP via Getty Images)

LONDON—Oil and gas company BP has sold its global petrochemicals business to Ineos for $5 billion, part of its plan to shift activities to renewable sources of energy.

The company said in a statement Monday that the overlap of the petrochemicals business with the rest of the company is “limited” and that it takes “considerable capital” to grow these businesses. Petrochemicals are derived from oil and gas production and used to make industrial products like plastics or paints, among other things.

CEO Bernard Looney said the sale represents “another deliberate step in building a BP that can compete and succeed through the energy transition.”

The proceeds will be used to strengthen the companys balance sheet and means it has reached its targeted amount of bRead More – Source