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BP sells petrochemical business for $5B

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BP sold its petrochemical business to Ineos for $5 billion.

The sale of the company's petroleum and natural gas business comes as it faces financial pressure due to the coronavirus pandemic.

Ineos will pay BP a deposit of $400 million immediately, followed by a $3.6 billion payment when the deal closes and another $1 billion in three installments by June 2021.

Read more from The Guardian.

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