Ineos to buy BP petrochemicals businesses for $5bn

BP is selling its remaining standalone petrochemicals businesses to Ineos for $5 billion (£4 billion), as part of a reorganisation aimed at meeting the challenge of a transition to cleaner energy.

The businesses focus on aromatics and acetyls, with interests in 14 manufacturing plants in Asia, Europe and the US, and 10 joint ventures. In 2019, they produced almost 10 million tonnes of petrochemicals.