BP to sell petrochemical business to Ineos for $5B

London-based BP PLC (NYSE: BP) will sell its petrochemical business, including a local plant, to London-based Ineos Group Inc. The $5 billion price tag means BP met its $15 billion divestment goal a year ahead of schedule, officials said in a June 29 press release. Ineos will pay BP a $400 million deposit and plus another $3.6 billion when the deal is complete, which is expected by the end of 2020. For the remaining $1 billion, Ineos will pay three $100 million installments in March, April and…