LONDON (AP) — BP has sold its global petrochemicals business to Ineos for $5 billion, part of its plan to shift activities to renewable sources of energy.

The oil and gas company said Monday that the overlap of the petrochemicals unit with the rest of the company is “limited” and that it takes “considerable capital” to grow these businesses.

CEO Bernard Looney said the sale represents “another deliberate step in building a BP that can compete and succeed through the energy transition.”

Petrochemicals are derived from oil and gas production and used to make industrial products like plastics or paints, among other things.

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