China National Purchasing 9 Billion of BP (NYSE:BP) Assets

There have been rumors flying that China National Offshore Oil Company is planning on buying around $9 Billion in BP (NYSE:BP) assets. They are refusing comment saying, "we don't comment on market rumors," said Jiang Yongzhi, a spokesman for China National.

Over the past twelve months state controlled energy companies in China have spent a minimum of $20 billion to purchase overseas oil and gas assets. This is said to meet the demand of the fastest growing economy in the world.

The Chinese energy company has shown increasing interest in purchasing a 60 percent stake that BP currently owns in Pan American Energy, this was report by The Guardian but omitted who the source of the information was from. A spokeswoman for BP, Sheila Williams also declined comment.

BP has stated they will be selling some of their assets to help cover the costs of the $20 billion that they agreed to do with President Obama. This is to be put into an account to help cover the continued costs of oil cleanup and compensation to be paid out. While BP has lost over half their market value since the explosion of the Deepwater rig on April 20th, they did see a a gain in their stock prices to 2.8 percent to 327.95 pence.