The global oil and gas firm, bp has agreed to sell its global petrochemicals business to INEOS for approximately $5 billion. bps petrochemicals business is focused on two main businesses aromatics and acetyls.
- BP has leading technology and advantaged manufacturing plants, including a strong presence in growth markets in Asia.
- As per agreement, INEOS will pay bp a deposit of $400 million and will pay a further $3.6 billion on completion
- In total, the businesses have interests in 14 manufacturing plants in Asia, Europe and the US and in 2019 produced 9.7 million tonnes of petrochemicals.
The recent investments and deals by BP are featured below:
In January 2020, BP, has agreed to sell its interests in the Andrew area in the central UK North Sea and its non-operating interest in the Shearwater field to Premier Oil for approximately $625 million.
In December 2019, BP and Indias Reliance Industries Limited (RIL) signed an agreement to form an Indian fuels and mobility joint venture. The JV includes fuel retail service station network across India and aviation fuel marketing business.
In December 2019, BP along with Bunge, formed a Brazilian bioenergy joint venture BP Bunge Bioenergia that combines their Brazilian bioenergy and sugarcane ethanol businesses in the country. The new joint venture has 11 biofuels sites in five Brazilian states, with more than 10,000 employees.
In December 2019, BP signed a sustainable energy agreement with Amazon Web Services to supply 170 MW of renewable energy each year. The Company will supply renewable energy to the European data centres that drive the AWS cloud platform
BP, a London based oil and gas leader, committed to a low carbon future, developing energy products and services with fewer emissions. The Company produces oil and natural gas, involved in refining, marketing, and distribution of petroleum products. The Company also generates energy from renewable resources that include solar energy, Wind energy, and Biofuels.
BP Portfolio: In solar energy, BP has a 43% share in Lightsource BP and playing a key role in developing solar energy around the world. In wind energy, BP generates more than 1,000MW of energy from nine sites in the USA and holds an interest in another facility in Hawaii. And in Biofuels segment, BP joint venture with Bunge and formed BP Bunge Bioenergia is a leading bioenergy company with 11 biofuels sites in Brazil.