BP to Sell Venezuela, Vietnam Assets for $1.8 Billion

BPAs it continues to raise funds to deal with the fallout from the Gulf oil spill, oil giant BP (BP) is set to sell a total of $1.8 billion in assets in Venezuela and Vietnam to TNK-BP.

TNK-BP, a joint venture between BP and a group of Russian billionaires, will make a $1 billion deposit by Oct. 29 and pay the rest in the first half of 2011, Bloomberg News reported.

Sponsored Links
"It sounds like a good deal," Jason Kenney, head of oil and gas research at ING Commercial Banking, told Bloomberg News. "There's obviously a lot of value inherent in these assets, so by selling them to a company they half own they'll continue to reap value from them."

Including today's deal, BP has sold more than $11 billion of assets this year, in countries including the U.S., Egypt and Colombia.
Read Full Story
  • DJI25877.33197.430.77%
    NASDAQ7785.7283.351.08%
  • NIKKEI 22521283.3710.920.05%
    Hang Seng27684.1426.900.10%
    DAX12143.47102.180.85%
  • USD (PER EUR)1.12-0.0007-0.07%
    USD (PER CHF)0.99-0.0007-0.07%
    JPY (PER USD)110.46-0.0690-0.06%
    GBP (PER USD)1.27-0.0017-0.14%