The story appears on

Page A6

June 30, 2020

GET this page in PDF

Free for subscribers

View shopping cart

Related News

Home » Business » Energy

BP sells its petrochem unit to Ineos

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.

“The agreed sale... will further strengthen BP’s balance sheet and delivers its target for agreed divestments a year earlier than originally scheduled,” a statement said.

BP Chief Executive Bernard Looney said: “I 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.”

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.




 

Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend