BP Sells Global Petrochemical Business In $5 Billion Deal

As part of its plan to reinvent itself through the energy transition, BP has agreed to sell its global petrochemicals business to UK’s Ineos for US$5 billion, the supermajor said on Monday. The US$5-billion deal with Ineos includes the sale of BP’s global aromatics, acetyls, and related businesses and is expected to be complete by the end of this year, pending regulatory and other approvals. The manufacturing plants and their primary products that str part of the sale include those in Cooper River, South Carolina, Texas City, Texas,…