BP To Sell Global Petrochemicals Business To INEOS - Quick Facts

(RTTNews) - BP plc (BP.L, BP_UN.TO, BP) has agreed to sell its global petrochemicals business to INEOS for a total consideration of $5 billion. With the deal, the Group has now agreed $15 billion of divestments and other disposals through 2019 and 2020 to date, an amount originally expected to be reached by mid-2021. The transaction is expected to complete by the end of 2020.

Under the deal, INEOS will pay bp a deposit of $400 million and will pay a further $3.6 billion on completion. An additional $1 billion will be deferred and paid in three separate instalments of $100 million in March, April and May 2021 with the remaining $700 million payable by the end of June 2021.

BP's petrochemicals business is focused on two main businesses - aromatics and acetyls. The businesses have interests in 14 manufacturing plants in Asia, Europe and the US and in 2019 produced 9.7 million tonnes of petrochemicals.