BP is getting out of petrochemicals with $5 billion sale

CNN | Jun 29, 2020 at 3:38 PM
  • London (CNN Business)BP has agreed to sell its petrochemicals business to Ineos for $5 billion, the latest in a series of asset sales by the UK oil company as it tries to refocus on cleaner energy.
  • Petrochemicals is forecast to become the largest driver of global oil demand, generating more than a third of the growth to 2030, and nearly half to 2050.
  • Brent crude futures, the global benchmark for oil prices, hit their lowest level in decades in April, falling below $20 per barrel.