Petrochemical firm Ineos has reached an agreement to acquire the vinyl acetate monomer (VAM) and ethyl acetate businesses from BP. Included in the deal are two U.K. sites: one VAM, and the other ethyl acetate, each with 250,000 metric tons of annual production capacity. BP is also in discussion with China Petrochemical, the nation's biggest refiner, to expand a chemical plant in Chongqing, company officials said.