BP boss Bernard Looney has promised to take the oil giant in a more sustainable direction. Ineos will pay BP in six installments until June next year for its petrochemicals business which makes a key component in polyester. It means that a changing BP has met its promise to sell off 15 billion dollars (£12 billion) of assets a year earlier than initially promised. Strategically, the overlap with the rest of BP is limited and it would take considerable capital for us to grow these businesses. Bernard Looney, BP chief executiveMr Looney has promised to set a new course for BP, which includes tackling emissions – a potential existential crisis for the oil industry.

Source: Irish Independent June 29, 2020 09:45 UTC