BP to sell Venezuela and Vietnam businesses to TNK-BP

BP announced that it has reached an agreement to sell its upstream businesses and associated interests in Venezuela and Vietnam to TNK-BP for a total of US$1.8 billion. TNK-BP, Russias third largest oil company, is owned equally by BP and the AAR Consortium (comprising Alfa Group, Access Industries and Renova). The agreement includes BPs interests in the Petroperija, Boqueron and PetroMonagas joint ventures in Venezuela and, in Vietnam, BPs 35% operating interest in the Lan Tay and Lan Do gas fields and associated pipeline and power generation interests. The sales are part of BPs plan, announced in July 2010, to divests up to US$30 billion by the end of 2011 to help the company meet its financial obligations from the recent Gulf of Mexico oil spill. As part of this program, BP has previously announced agreements to sell assets in Egypt, Canada and the U.S., as well as its Colombian exploration, production and transportation business. (October 21, 2010)