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.

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