BP sells off Venezuela and Vietnam units
Tuesday 19 October 2010
BP is selling its businesses in Venezuela and Vietnam to its Russian joint venture TNK-BP for $1.8bn (£1.1bn).
The sale is part of the oil major's efforts to raise $30bn to pay for the Deepwater Horizon disaster in the Gulf of Mexico, which unleashed the world's biggest oil spill. Mikhail Fridman, the chief executive of the Russian company TNK-BP, described it yesterday as "a milestone in TNK-BP's strategic expansion in the global energy market".
The deal includes BP's interests in Petroperijá, Boqueró* and PetroMonagas in Venezuela and in the Lan Tay and Lan Do gas fields, plus associated pipelines and power generation, in Vietnam. TNK-BP is to pay a deposit of $1bn on 29 October, with the balance due on completion of the sales. It is a cash deal.
Ownership of TNK-BP is split 50:50 between BP and the AAR Consortium. The company faced internal ructions in 2008 as the Russian shareholders accused BP and the TNK-BP chief executive, Robert Dudley – now the BP chief executive – of blocking the company's expansion plans.
- 1 Venezuela Expo Tattoo 2015: Extreme body art from 'Vampire Woman' to 109mm earlobes
- 3 Ball pool for adults opens in London
- 4 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
- 5 Rashida Jones speaks out against male-centric porn saying 'women should have sex and feel good about it'
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Putin opponent reveals Russian President's daughter's secret identity
Ball pool for adults opens in London
Gay couple buy JebBushForPresident.com web domain, and refuse to sell
16 Waitrose customers who could not cope with the end of free coffee
9 reasons Greece's experiment with the radical left is doomed to failure
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
King Abdullah dead: We can't afford not to hold Saudi Arabia's royals to account
iJobs Money & Business
£40000 - £50000 per annum: Recruitment Genius: This is an exciting opportunity...
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...