BP sells petrochemical business to INEOS for US$5bn
30 June, 2020
UK multinational chemicals company INEOS has announced its intention to acquire BP’s global Aromatics and Acetyls business for a consideration of US$5bn (£4bn).
The business consists of 15 sites globally in the Americas, Europe and Asia as well as 10 leading joint ventures.
The contract fits well with the company's existing asset base, reintegrating the Hull site and expanding INEOS' footprint at Geel, Belgium.
“We are delighted to acquire these top-class businesses from BP, extending the INEOS position in global petrochemicals and providing great scope for expansion and integration with our existing business," said Sir Jim Ratcliffe, INEOS founder and chairman.