BP To Sell Venezuela, Vietnam Operations For $1.8B

Law360, New York (October 18, 2010, 3:35 PM EDT) -- As part of an ongoing plan to divest assets in order to cover the costs associated with the Deepwater Horizon oil spill, BP PLC has agreed to sell its oil interests in Venezuela and Vietnam to TNK-BP, a Russian company co-owned by BP.

BP and TNK-BP announced the sale Monday in a joint press release. Under the terms of the deal, TNK-BP will pay $1.8 billion for stakes in three BP joint ventures with state-owned Venezuelan oil companies as well as a pipeline and power plant...
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