Skip to main content

BP continues clean energy shift

Published by , Senior Editor
Hydrocarbon Engineering,

Following the recent announcement that BP will sell its petrochemicals business to INEOS, Will Scargill, Managing Oil & Gas Analyst at GlobalData, offers his view on the transaction rationale:

“While many oil and gas companies have recently looked to petrochemicals integration as a way to drive value, BP’s petrochemicals unit was not particularly well suited to its new energy transition strategy. Its aromatics focus tied it to oil, putting it at odds with the shift to cleaner sectors such as gas and renewables and making it a natural area for divestment as the company looks to streamline.

“Furthermore, meeting its US$15 billion divestment target ahead of schedule will be a welcome financial boost given the market turmoil caused by the COVID-19 pandemic.

“Meanwhile, for INEOS, this transaction will be a major step forward in its growth plans. At a stroke, the company will become a major player in aromatics, while at the same time building on geographical and operational synergies.”

Read the article online at:

You might also like

OXCCU and px Group announce new SAF project

px Group has announced that OXCCU will develop a first-of-a-kind demonstration plant at its Saltend Chemicals Park in the Humber, UK, that will convert carbon dioxide and green hydrogen into sustainable aviation fuel (SAF).


Embed article link: (copy the HTML code below):


This article has been tagged under the following:

Downstream news