British Petroleum sells its petrochemical business for $5 billion

British Petroleum (BP) sells its global petrochemical business to Ineos, NefteRynok reports.

The transaction value will be $5 billion.

BP's petrochemical business today is focused on the production of aromatics, acetic acid and its derivatives.

The company owns shares in 14 enterprises around the world, last year 9.7 million tons of petrochemical products were produced.

Under the terms of the transaction, Ineos will pay $400 million as a deposit, and another $3.6 billion after its closure. The remaining $1 billion will be paid in installments: $100 million should be transferred in March, as well as in April and May 2021, another $700 million by the end of June 2021.

In 2005, BP sold part of its petrochemical business to INEOS, which was previously a division of BP, for $9 billion.

Earlier it was reported that British Petroleum will lay off 10 thousand employees.

Tags: contracts, oil, hydrocarbon production, EU, Top management, energy market, добыча нефти, Oil refinery plant, foreign affairs, investments, investors, price, agreement, oil products, infrastructure, energy sector, oil companies, economy, market, oil and gas industry, oil production

Read also

Brent crude price dropped below $45
The Cabinet of Ministers regimented accounting of petroleum product losses
Kazakhstan exceeded its obligations to cut oil production under the OPEC + agreement in July