Russian oil company TNK-BP to buy BP assets in Venezuela, Vietnam

08:59, October 19, 2010      

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Russia's third largest oil company TNK-BP said Monday that it has reached a deal with its British shareholder BP to purchase the latter's production and pipeline assets in Venezuela and Vietnam.

If necessary coordination is secured from the Vietnamese and Venezuelan governments and other preliminary conditions are met, the transaction will likely be wrapped up in the first half of 2011, TNK-BP said in a statement.

The first payment of about 1 billion U.S. dollars, out of a 1.8-billion-dollar total, will be transferred before October 29, and the rest will be paid at the completion of the deal, the statement added.

BP's divestment came in line with its plan to sell some assets to help meet its financial obligations from the catastrophic oil spill in the Gulf of Mexico earlier this year.

Preliminary agreement between Moscow and Caracas on the transaction was reached last week when Russian President Dmitry Medvedev met with his visiting counterpart, Hugo Chavez, on cooperation between the two countries.

TNK-BP is owned 50 percent by BP and accounts for a quarter of BP's oil output.

Source: Xinhua


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