Oil major BP sells petrochemicals arm for €4bn in move towards greener energy

Oil major BP has agreed to sell its global petrochemicals business to UK chemicals company Ineos for $5bn (€4.5bn), pulling out of a sector widely seen as a key driver of oil demand growth in the coming decades.

The surprise move means BP has hit its $15bn asset sales target a year ahead of schedule as CEO Bernard Looney prepares the company for a shift to low-carbon energy.