Energy company BP announced Monday it would sell its petrochemical business, which includes its Texas City Chemicals plant, to British company Ineos for $5 billion, officials said.
BP has operated Texas City Chemicals, which employs hundreds in the Galveston County city of Texas City. Those employees will now likely shift to become employees of Ineos, he said.
The Texas City Chemicals plant is a leading producer of metaxylene and paraxylene, chemicals that help produce everything from clothes and carpets to smartphones and surfboards, officials said.
The company completed an expansion in 2017 that increased its production of metaxylene by 10 percent, officials said.