BP Amoco in North Sea sell-off

BP AMOCO has agreed to sell off $350m of gas pipeline and production interests in the North Sea in order to gain European Commission approval for its takeover of the US oil company Atlantic Richfield.

Separately, BP Amoco is poised to complete the pounds 1bn acquisition of Mobil's 30 per cent stake in their European petrol station joint venture following the go-ahead yesterday from Brussels for Exxon's $250bn merger with Mobil.

The joint venture has about 9,000 petrol stations across Europe. At the same time BP Amoco's joint lubricants venture with Mobil will be dissolved. Mobil will also raise about $1bn by selling its 28 per cent stake in the German fuel business Aral.