BP recently sold its petrochemicals business for $5 billion to Ineos, a move which suggests that “big oil” companies are trying to become “big electric” suppliers.
The Wall Street Journal says the sale was the “largest deal by an oil major since the coronavirus outbreak gripped the global economy”.
WSJ says the transaction would enable BP to different itself from its rivals, many of which are forecasting significant growth for the segment and don’t look like they want to sell or leave the petrochemicals sector. [Read more…] about BP’s sale of its petrochemicals business suggests big oil is trying to become big electric
