BP meets asset sale target through $5 billion divestment of petrochemical unit
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(Reuters) - BP will sell its global petrochemicals business to billionaire Jim Ratcliffe's Ineos for $5 billion, the oil major said on Monday as it achieves its asset sale target of $15 billion a year in advance.Its London-listed shares moved higher after the news, rising about 1.5% as of 0913 GMT.BP said Ineos will pay a deposit of $400 million and another $3.6 billion on completion of the deal, which is expected by the end of the year, while the remaining $1 billion will be paid in tranches..