BP Sells Vene Assets

BP Sells Vene Assets

Venezuela M&A

UK-based oil company BP confirmed yesterday that it is selling assets in Venezuela and Vietnam to Russian peer TNK-BP for $1.8bn. BP also declined to comment on the potential value of those assets, though they have been estimated at $1bn, according to an industry banker not associated with the deal. In Venezuela, TNK-BP, a 50/50 joint venture between BP and several Russian businessmen, says it will acquire from BP a 16.7% equity stake in the PetroMonagas extra heavy oil producer, a 40.0% stake i

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