BP sells petrochemicals business to Ineos for $5 billion

BP is selling its petrochemicals arm to Ineos for $5 billion as part of the fossil fuel giant’s efforts to reposition itself as a more sustainable energy company.

The deal announced Monday achieved BP’s goal of dumping $15 billion in assets a year ahead of schedule. BP decided to sell the business — which makes chemicals used in plastics, paints and pharmaceuticals — because it would have been expensive to grow and had limited overlap with the rest of the company, according to chief executive Bernard Looney.

“As we work to build a more focused, more integrated BP, we have other opportunities that are more aligned with our future direction,” Looney said in a statement. “Today’s agreement is another deliberate step in building a BP that can compete and succeed through the energy transition.”

Looney acknowledged that the deal “will come as a surprise” and said BP will do its best to “minimize uncertainty.” The businesses being sold have more than 1,700 employees who are expected to transfer to Ineos once the deal is complete, BP said.

Source: New York Post

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