BP sells its petrochem unit to Ineos
Print Edition
British energy group BP, hit hard by the coronavirus pandemic slashing demand for oil, yesterday announced the sale of its petrochemical business to rival Ineos for US$5 billion.
鈥淭he agreed sale... will further strengthen BP鈥檚 balance sheet and delivers its target for agreed divestments a year earlier than originally scheduled,鈥 a statement said.
BP Chief Executive Bernard Looney said: 鈥淚 recognize this decision will come as a surprise and we will do our best to minimize uncertainty. I am confident however that the businesses will thrive as part of Ineos, a global leader in petrochemicals.鈥
BP said that 1,700 staff employed by its petrochemical business worldwide were expected to transfer to Ineos on completion of the sale that meets a US$15-billion divestment target one year early.
In the immediate future, BP must rebuild its finances, having said earlier this month it would take a hit of up to US$17.5 billion in the second quarter.
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