BP has agreed to sell its global petrochemicals business to billionaire Jim Ratcliffe’s Ineos for $5 billion, pulling out of a sector widely seen as a key driver of oil demand growth in the coming decades. The surprise move means BP has hit its $15 billion asset sales target a year ahead of schedule as CEO Bernard Looney prepares the company for a shift to low-carbon energy. Looney acknowledged that the sale of the business, which employs 1,700 people and produced 9.7 million tonnes of petrochemicals last year, “will come as a surprise”. …read more
Source:: Yahoo Finance
