BP agrees $5bn sale of petrochemicals business to Ineos

BP has agreed to sell its petrochemicals business to Ineos for $5bn as the UK energy major seeks to strengthen its balance sheet and become a more streamlined entity under its new chief executive. BP reported a 66 per cent drop in earnings and a rise in debt in the first quarter as crude demand and oil prices collapsed. Bernard Looney, BP's chief executive, said the petrochemicals unit's strategic overlap with the rest of the company was "Limited", and "It would take considerable capital for us to grow these businesses". "As we work to build a more focused, more integrated BP, we have other opportunities that are more aligned with our future direction," he added. At the start of the year BP was confident it could generate more cash and increased its dividend payout.

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