LONDON (ICIS)--BP has agreed to sell its globals petrochemicals assets in aromatics and acetyls to INEOS for $5bn, the two majors said on Monday.
The sale will include BP's entire aromatics and acetyls portfolios including assets and related assets, technology and licences.
INEOS will take ownership of 15 sites across the world; eight are located in Asia, five in the US, and two in Europe, as well as BP's participation in 10 joint ventures.
BP's aromatics business produces purified terephthalic acid (PTA), a feedstock for production of polyester plastics, and paraxylene (PX); the business’s largest manufacturing plants are in China, the US, and Belgium.
The acetyls business produces acetic acid and derivatives such as acetic anhydride; it has manufacturing plants in the US, the UK, China, Korea, Taiwan, and Malaysia.
BP's integrated refinery at Gelsenkirchen, Germany, and assets in Mulheim, Germany are not included in the sale.
The move comes weeks after 15% of jobs were cut from management positions in BP.
The UK energy major projected up to $17.5bn in charges in its second-quarter strategy review.
Front page picture source: BP