BP to Sell Venezuela, Vietnam Assets for $1.8 Billion

BP
BP

As 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.

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"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.