According to Venezuela's Oil Minister Rafael Ramirez, the value of assets held by BP (NYSE:BP) in the country which they've been approved to sell to TNK-BP, is $800 million.
TNK-BP is a joint venture between BP and a group of Russian billionaires.
Ramirez said in a press conference, "We authorized the purchase by TNK-BP of BP's stakes ... it is an $800 million transaction that they have agreed. We are going to make all the documents to allow it to happen."
Assets to be sold include Petroperija and Bouqeron fields, which produce light-oil, and Petromonagas, which processes heavy crude into lighter synthetic oil, which is then sent to refineries to be processed again. These projects are majority owned by PDVSA.
BP is selling the assets as part of their effort to raise $30 billion to pay for Gulf liabilities.
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