Manufacturing giant Ineos has completed a multibillion-pound purchase of petrochemical businesses from BP.

The company has bought BP’s global Aromatics and Acetyls arms for five billion dollars (£3.66 billion).

Aromatics provides the building blocks for the global polyester industry, key to fibres, films and packaging.

Acetyls support a wide range of industries in food flavouring and preservation, pharmaceuticals, paints, adhesives and packaging.

Sir Jim Ratcliffe, founder and chairman of Ineos said: “I am very pleased that we have been able to complete the acquisition, which is a logical development of our existing petrochemicals business extending our interest in acetyls and adding a world-leading aromatics business supporting the global polyester industry.”