Deals
BP to Sell Chemicals Unit to Ineos for $5 Billion
- Its CEO set BP on course to zero-out carbon emissions by 2050
- Oil major hits $15 billion divestment target with sale
Photographer: Simon Dawson/Bloomberg
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BP Plc agreed to sell its chemicals business to Ineos Group Holdings SA, taking a big step toward strengthening its finances while also furthering its transitioning away from being a traditional oil company.
The transaction means BP hits its target of selling $15 billion of assets ahead of schedule, as the oil industry faces immense financial pressure from the coronavirus crisis. The company recently made its biggest write-off in a decade and said it would lay off 10,000 staff by the end of this year.