Friday, October 22, 2010

BP (NYSE:BP) Vietnam Assets Draw Interest of PetroVietnam

According to Vietnam News, state-owned PetroVietnam may be interested in acquiring the assets held in the company by BP (NYSE:BP), rather than allow the deal to go through where TNK-BP agreed to buy the assets for about $1 billion.

TNK-BP is a joint venture between BP and a group of Russian billionaires.

Via a preemption clause, PetroVietnam will have 60 days to decide whether or not it wants to acquire the stake BP holds. The countdown to consider that started on October 19.

Vietnam News cited PetroVietnam CEO Phung Dinh Thuc as showing some interest in possibly buying the assets.

Included in the assets are a power plant, gas pipeline and an offshore gas block.

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