BP sells petrochemicals arm to Ineos for $5 billion
LONDON Oil and gas company BP has sold its global petrochemicals business to Ineos for $5 billion, part of its plan to shift activities to renewable sources of energy. The company said in a statement Monday that the overlap of the petrochemicals business with the rest of the company is limited and that it takes considerable capital to grow these businesses. Petrochemicals are derived from oil and gas production and used to make industrial products like plastics or paints, among other things. Ineos will pay BP a deposit of $400 million and a further $3.6 billion on completion. An additional $1 billion will be deferred and paid in instalments next year.