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BP sells petrochemicals unit to INEOS for $5 billion

BP PLC said Monday that it has agreed to sell its global petrochemicals business to INEOS for $5 billion. The British energy giant said that INEOS will pay a $400 million deposit and a further $3.6 billion on completion of the deal, which is expected by the end of 2020. The remaining $1 billion will be deferred over three installments until June 2021, BP said.

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