Oil Giant BP Exits Petrochemical Business in $5 Billion Deal With Ineos

Source: Inside Climate News

The Guardian

The fossil fuel producer BP has sold its petrochemicals business to Ineos in a $5 billion deal that will boost the oil company’s stressed balance sheet. The sale comes as a historic decline in oil prices, triggered in part by the coronavirus pandemic, has damaged the finances of oil producers around the world, accelerating BP’s need to cut costs and restructure.

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