BPAs it continues to raise funds to deal with the fallout from the Gulf oil spill, oil giant BP (BP) is set to sell a total of $1.8 billion in assets in Venezuela and Vietnam to TNK-BP.

TNK-BP, a joint venture between BP and a group of Russian billionaires, will make a $1 billion deposit by Oct. 29 and pay the rest in the first half of 2011, Bloomberg News reported.

"It sounds like a good deal," Jason Kenney, head of oil and gas research at ING Commercial Banking, told Bloomberg News. "There's obviously a lot of value inherent in these assets, so by selling them to a company they half own they'll continue to reap value from them."

Including today's deal, BP has sold more than $11 billion of assets this year, in countries including the U.S., Egypt and Colombia.

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bygeorgeu@yahoo.com

BP has acquired the BPCares domains. In an effort to stop the exodus of retail operators to Exxon and Shell, BP was forced to fast track the development of its BPCares website. Strategic information will be detailed at the BPAMA conference for marketers during their meeting from Oct 20-22. The domains that BP owns are: BPCares.com BPCares.net BPCares.org BPCares.info BPCares.us BPCares.biz Inside sources from the BPAMA indicate that BP will be pressed to demonstrate their commitment to the retail operators. It also seems that BP is supporting other Southern websites.

October 18 2010 at 7:18 AM Report abuse rate up rate down Reply