Deal Snapshot
BP to Sell Petrochemicals Business to INEOS for USD 5bn
Monday 29 June 2020

UK-based oil and gas major bp (NYSE: BP) has agreed to sell its global petrochemicals business to UK chemicals firm INEOS for a total consideration of USD 5bn, the company said.

The agreed sale, the next strategic step in reinventing bp, will further strengthen bp's balance sheet and delivers its target for agreed divestments a year earlier than originally scheduled. Under the terms of the agreement, INEOS will pay bp a deposit of USD 400m and will pay a further USD 3.6bn on completion.

Date Published: 29/06/2020