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Saturday, August 28, 2010

To cover losses due to Mexico Gulf oil spills


BP May Sell Venezuela Oil Stakes to Russian Venture.

BP said July 27 it plans to dispose of as much as $30 billion in assets in the next 18 months, after reporting a record second-quarter loss because of the costs of the Gulf of Mexico oil spill. BP is in talks with TNK-BP over the sale of a $1 billion package of Venezuelan projects, the Times reported earlier today, without saying where it got the information.

“TNK-BP views this as an opportunity to further develop its international business portfolio and expand its presence in Venezuela,” TNK-BP spokesman Nikolay Gorelov said by e-mail today.

The Moscow-based company, which is half owned by BP, supports moves by the U.K. company to “strategically realign” its asset base in Venezuela and is examining the opportunity, Gorelov said.