BP sells petrochemical arm to rival Ineos
British energy group BP has decided to axe some 10,000 jobs, or 15% of its global workforce, amid the oil slump triggered by the coronavirus pandemic. – EPA pic, June 29, 2020.
BRITISH energy group BP, hit hard by the coronavirus pandemic slashing demand for oil, today announced the sale of its petrochemical business to rival Ineos for US$5 billion . “The agreed sale… will further strengthen BP’s balance sheet, and delivers its target for agreed divestments a year earlier than originally scheduled,” said a statement.
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