BP Achieves ‘Majority’ of Asset Sales Goal on Cnooc Buy |
| Bloomberg - Nov 29, 2010 |
BP Plc came closer to reaching its $30 billion target for asset disposals with the $7.06 billion sale of a stake in Argentina’s Pan American Energy LLC.
Bridas Corp., the oil company owned by Chinese crude producer Cnooc Ltd. and Argentina’s billionaire Bulgheroni family, will buy the 60 percent of PAE it doesn’t already own. BP earlier this month sold fuels marketing operations in Namibia, Botswana and Zambia to Puma Energy, as well as 50 percent interests in BP Malawi and BP Tanzania to a Trafigura Beheer BV unit, for $296 million in cash.
BP aims to divest between $25 billion and $30 billion in assets by the end of next year to shore up its finances after the biggest oil spill in U.S. history. The London-based company has set aside $40 billion for cleanup and compensation for the disaster in which almost 5 million barrels of crude spewed into the Gulf of Mexico from April to July.
Read Full Article from Bloomberg
- Posted: 2010-11-29 08:45:39
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