BP sells petchems arm for $5 billion in energy transition revamp

LONDON (Reuters) - BP has agreed to sell its global petrochemicals business to billionaire Jim Ratcliffe's Ineos for $5 billion, pulling out of a sector widely seen as a key driver of oil demand growth in the coming decades.The surprise move means BP has hit its $15 billion asset sales target a year ahead of schedule as CEO Bernard Looney prepares the company for a shift to low-carbon energy.The company's London-listed shares moved higher after the news, rising about 2.5% by 1057 GMT.Looney..