BP sells petrochemical business for $5 billion

BP, a benchmark in the oil and gas market, has agreed to sell its petrochemical business to Ineos, a UK multinational chemicals company, for $5 billion. With the deal, BP will hit its target of $15 billion in asset sales a year ahead of schedule in 2021.

With this, the company follows a path towards a low-carbon energy transition. "Strategically, the overlap with the rest of BP is limited and it would take considerable capital for us to expand these (petrochemical) businesses," said Bernard Looney, BP's CEO in a statement, and continued, "Today's agreement is another deliberate step in building a BP that can compete and succeed during the energy transition."

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