BP sells chemical business for $9bn

Oil giant BP today agreed the $9bn (€7.4bn) sale of its petrochemicals business after scrapping plans for a stock market flotation.

BP sells chemical business for $9bn
Fri, 07 Oct, 2005 - 18:55

Oil giant BP today agreed the $9bn (€7.4bn) sale of its petrochemicals business after scrapping plans for a stock market flotation.

BP said a sale of its Innovene unit to UK chemicals group Ineos was the best outcome for investors because it removed uncertainty about market conditions at the time of a listing.

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