U.K. electricity large BP has reached an agreement to sell its petrochemicals small business to Ineos for $five billion.
The deal includes a $400 million deposit by Ineos and $3.6 billion on completion. The remaining $one billion will be paid out in three individual installments by June 2021.
In shopping for the petrochemicals small business, Ineos is attaining BP’s aromatics and acetyls enterprises, which will assistance it get a foothold in Asia.
“It’s two huge parts of chemistry in that portfolio that we did not have just before. It completes the set,” Ineos director Tom Crotty explained.
Crotty explained most