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BP Exits Petrochemical Business in $5 Billion Deal

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BP is exiting the petrochemicals business with a $5 billion sale to the U.K.'s Ineos, as major oil companies look to transition toward cleaner energy

By Sarah McFarlane Close Sarah McFarlane June 29, 2020 6:03 am ET Energy giant BP PLC has agreed to sell its petrochemicals business to British chemicals company Ineos Ltd. in a $5 billion deal that will help reshape its business for the global transition to lower-carbon energy, the company said on Monday.

“This is another significant step as we steadily work to reinvent BP,” said Bernard Looney, Chief Executive of BP. Ineos is one of the world’s largest chemical producers. It was founded in 1998 and is majority owned by British billionaire Jim Ratcliffe, one of the U.K.’s richest men. Last year, it bought two polystyrene plants in China from French energy giant Total SA.

“The deal goes some way to fill the cash-flow deficit faced by BP,” said Irene Himona, managing director for oil-and-gas equity research at Société Générale.

 

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The profit margins for renewables are horrendous once government subsidies go bye-bye. More Woke Corporate Board capitalism.

Such an odd (though not unfavorable) headline. I mean, petroleum is part of its name.

SJ_Murray EVIL!

Ouch !!! … a harbinger of things to come ?

Bravo bp_plc 👏🏼

Hold up...how you transfer wind n solar ?

Huge

.good bp_plc

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