BP abandons petrochemical operations under $ 5 billion deal

Energy giant BP PLC has agreed to sell its petrochemicals business to British chemicals company Ineos Ltd. as part of a $ 5 billion deal that will help reshape its business for the global transition to a lower carbon energy, the company announced on Monday.

The agreement will help strengthen BP’s balance sheet and separate the company from its peers, as Royal Dutch Shell PLC and Exxon Mobil Corp. have developed their petrochemical activities. Petrochemicals should be the main driver of oil demand in the coming years, …

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