„Today’s agreement is another deliberate step in building a BP that can compete and succeed through the energy transition.“The business includes stakes in manufacturing plants in the United States, Trinidad and Tobago, Britain, Belgium, China, Malaysia and Indonesia. The petrochemical plant attached to BP’s oil refineries in Gelsenkirchen and Mulheim in Germany are not included.Plastics and other petrochemical products will drive global oil demand to 2050, offsetting slower consumption of motor fuel, the International Energy Agency (IEA) said in a 2018 report.BP sold the bulk of its petrochemicals business in 2005 to Ineos, which has a network of more than 180 sites in 26 countries and about 22,000 employees. It also strengthens expectations that BP will not cut its dividend, he added.Looney took office in February and quickly set out a plan to reinvent BP by shifting its focus from oil and gas to low carbon energy and renewables.
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