Formosa Plastics interested in BP assets

Taiwan’s Formosa Plastics Group would be interested in buying assets that BP plc is selling to help pay for the costs of its massive oil spill in the U.S. Gulf Coast, a senior official at the group’s flagship Formosa Plastics Corp. unit said. “There’s an interest, but it depends on conditions and the price,” the official said, declining to be named. BP hasn’t approached the company so far, he said. He didn’t specify which assets Formosa would be interested in purchasing or their location. BP is selling properties in order to fund the mounting costs from the massive oil spill in the Gulf of Mexico, and has agreed to sell its assets in North America and Egypt to Apache Corp. (APA) for US$7 billion. BP said it also plans to sell its gas fields and a pipeline in Vietnam, as well as exploration licenses in Pakistan. It so far hasn’t said it plans to sell its Taiwanese assets. (July 22, 2010)