BP sells petrochemical business to Ineos for $5bn

Sir Jim Ratcliffe's firm will initially pay $400m deposit for plastics and chemicals units

BP has sold its petrochemicals business for $5bn (4.1bn) to Sir Jim Ratcliffe's Ineos, in a deal that will boost the oil company's under-pressure balance sheet.

Ineos will pay BP a deposit of $400m, followed by $3.6bn when the deal completes and then another $1bn in three instalments by June 2021.