In July, BP made the shock announcement that they would be completely exiting the Petrochemicals market. For a cool $5bn, they would sell their global business lock, stock and barrel to Ineos (part-owners of Grangemouth Refinery), who now have responsibility for 14 petrochemical refineries, manufacturing 10m tonnes of petrochem products each year. Even with a pandemic raging, the petrochemicals sector remains buoyant and with a very significant track record in chemicals, BP's move definitely took the oil world by surprise.
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