LONDON—Energy giant BP PLC has agreed to sell its petrochemicals business to British chemicals company Ineos Ltd., in a $5 billion deal that will help reshape its business for the global transition to lower-carbon energy, the company said on Monday.

The deal could help BP pare its relatively high debt load and separates the company from its peers, as Royal Dutch Shell PLC and Exxon Mobil Corp. have been growing their petrochemicals businesses. BP said it would have taken considerable investment to grow the division, which…


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