BP sells petrochemical business to Ineos for $5bn

The Guardian | Jun 29, 2020 at 12:44 PM
  • The fossil fuel producer BP has sold its petrochemicals business to Ineos in a $5bn (£4.1bn) deal that will boost the oil company’s under-pressure balance sheet.
  • Ineos, a British petrochemicals company, will immediately pay BP a deposit of $400m, followed by $3.6bn when the deal completes and then another $1bn in three installments by June 2021.
  • The deal will result in Ineos taking on BP’s aromatics division, which produces chemicals for the polyester used in clothing, film and packaging, as well as BP’s acetyls business, whose products are used in food flavourings, paints and glues.