British oil and gas company BP sells its worldwide petrochemical activities for 5 billion dollars (more than 4.4 billion euros) to the also British chemical company INEOS. BP announced this on Monday.
According to BP, the divestment of the petrochemical activities is part of the strategic plan to reinvent the company. With the sale of this branch, the company is one year ahead of its self-imposed schedule.
INEOS will initially pay $ 400 million and another $ 3.6 billion when the acquisition is complete. Payment of the remaining $ 1 billion will follow later, in three separate payments. 100 million will be transferred in March, April and May 2021 and the final $ 700 million will be settled in late June 2021.
The BP refinery in Rotterdam is not part of the sale, the one in Geel, Belgium, is.
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