BP says 1,700 staff employed by its petrochemical business worldwide are expected to transfer to Ineos on completion of the sale.
"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," Ineos founder and chairman Jim Ratcliffe said in a separate statement on Monday.
"Aromatics provides the building blocks for the global polyester industry, key to fibers, films, and packaging," Ineos said in its statement. Ineos will pay $4 billion to BP upon completion of the deal – and the remaining $1 billion by June 2021.The sale"raises cash for a firm that has been severely hit by the pandemic, while streamlining and potentially reinventing the oil giant into a different kind of energy company," said Connor Campbell, analyst at Spreadex trading group.
In 2005, Ineos spent $9 billion on purchasing chemical assets and refineries from BP. Under previous CEO Bob Dudley meanwhile, BP kick-started a $15-billion divestment program.
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