Friday, October 1, 2010

BP (NYSE:BP) to Receive Offer from TNK-BP for Vietnam, Venezuela Assets

Reportedly BP (NYSE:BP) will be getting a formal offer from TNK-BP Ltd, a joint venture between the company and several Russian billionaires, for its assets in Venezuela and Vietnam.

BP is attempting to raise about $30 billion by selling off assets in order to pay for the growing liabilities it faces for the Gulf oil spill.

They've already raised about $10 billion of it, and would probably be at close to $15 billion after selling the assets (including Algerian assets). TNK-BP also has an interest in the Algerian assets of the oil giant, but that is separate from this potential deal.

The board of TNK-BP has given the company permission to start negotiations.

Strong ties of Russia with Vietnam and Venezuela make it highly probable there will be no problems in working out a deal from the perspective of those countries.

Former BP CEO Tony Hayward has now taken a seat on the TNK-BP board.

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