London (CNN Business) BP has agreed to sell its petrochemicals business to Ineos for $5 billion, the latest in a series of asset sales by the UK oil company as it tries to refocus on cleaner energy. Ineos will pay an initial deposit of $400 million, BP said in a statement Monday. The UK chemicals company controlled by billionaire Jim Ratcliffe will deliver a further $3.6 billion on completion of the sale, with the final $1 billion due before June 2021. BP's petrochemicals business has interests in 14 plants in Asia, Europe and the United States, producing 9.7 million tonnes of petrochemicals last year for use in products such as soft drink bottles, packaging trays and pharmaceuticals. Petrochemicals is forecast to become the largest driver of global oil demand, generating more than a third of the growth to 2030, and nearly half to 2050, according to the International Energy Agency.

Source: CNN June 29, 2020 13:41 UTC