Jun 29, 2020

BP sells petrochemicals business to Ineos in $5bn deal

BP has sold off its petrochemicals business in a move designed to help it become a lower carbon firm. The $5bn deal with Ineos will see BP all but pull out of a sector expected to contribute to demand for oil over the coming decades. BP's petrochemicals business was smaller compared with rivals such as American oil giant Exxon Mobil or Royal Dutch Shell after it sold its Innovene division in 2005 to Ineos. "Mel Evans, senior oil campaigner for Greenpeace UK, said:"BP has sold its petrochemicals business to free up some cash, but it remains to be seen how BP will spend the money. "BP's boss Bernard Looney admits we may be at peak oil demand, and our climate can't handle more burning of oil or gas. So if BP cares about our planet's future - or even its own future - this money must be invested in a transition to renewable energy."

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