• 139 days Could Crypto Overtake Traditional Investment?
  • 144 days Americans Still Quitting Jobs At Record Pace
  • 146 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 149 days Is The Dollar Too Strong?
  • 149 days Big Tech Disappoints Investors on Earnings Calls
  • 150 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 152 days China Is Quietly Trying To Distance Itself From Russia
  • 152 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 156 days Crypto Investors Won Big In 2021
  • 156 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 157 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 159 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 160 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 163 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 164 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 164 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 166 days Are NFTs About To Take Over Gaming?
  • 167 days Europe’s Economy Is On The Brink As Putin’s War Escalates
  • 170 days What’s Causing Inflation In The United States?
  • 171 days Intel Joins Russian Exodus as Chip Shortage Digs In
Meet The Man Behind The World's Most Exciting Oil Play

Meet The Man Behind The World's Most Exciting Oil Play

From being a largely speculative…

Who Will Pay For The $40 Trillion Energy Transition?

Who Will Pay For The $40 Trillion Energy Transition?

All the pledges from government…

Thorium Could Kickstart A New Nuclear Boom

Thorium Could Kickstart A New Nuclear Boom

A meltdown-proof uranium alternative may…

Oilprice.com

Oilprice.com

Writer, OilPrice.com

Information/Articles and Prices on a wide range of commodities: We have assembled a team of experienced writers to provide you with information on Crude Oil,…

Contact Author

  1. Home
  2. Commodities
  3. Energy

BP Sells Petrochemical Business For $5 Billion

BP

As part of its plan to reinvent itself through the energy transition, BP has agreed to sell its global petrochemicals business to UK’s Ineos for US$5 billion, the supermajor said on Monday.

The US$5-billion deal with Ineos includes the sale of BP’s global aromatics, acetyls, and related businesses and is expected to be complete by the end of this year, pending regulatory and other approvals.

The manufacturing plants and their primary products that str part of the sale include those in Cooper River, South Carolina, Texas City, Texas, and the Eastman bp Texas City Production Agreement. Outside America, the businesses included in the sale are manufacturing plants in Hull, UK, and Geel in Belgium, as well as stakes in plants in China, Malaysia, South Korea, and Taiwan.

The agreed sale is the next strategic step in the reinvention of BP from an oil and gas company to an energy company that could compete in the energy transition, BP said. 

The transaction also helps the supermajor to achieve its target for US$15 billion in asset divestitures a year ahead of schedule.

“Strategically, the overlap with the rest of bp is 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,” chief executive Bernard Looney said in a statement.

“Today’s agreement is another deliberate step in building a bp that can compete and succeed through the energy transition,” the top executive added.

Earlier this month, BP said it would cut 10,000 jobs or around 15 percent of its workforce. As BP aims to reinvent itself as an energy company and a net-zero company by 2050 and sooner, the UK-based supermajor is resorting to job cuts—most of which are in office-based positions, to reduce its costs as the downturn has severely affected its finances. 

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment