BP to sell petrochemicals unit to Ineos for $5 billion

© Reuters. FILE PHOTO: File photo of a BP logo at a petrol station in London

(Reuters) – UK oil major BP (L:) said on Monday it would sell its global petrochemicals business to billionaire Jim Ratcliffe’s Ineos for $5 billion.

“With today’s announcement, we have met our $15 billion target for agreed divestments a full year ahead of schedule, demonstrating the range and quality of options available to us,” Chief Financial Officer Brian Gilvary said.

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