Thursday, October 28, 2010

BP's (NYSE:BP) Venezuela Assets Priced at $800 Million

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.

1 comment:

  1. BP approves an attack strategy on Exxon, Shell and Chevron and plans to use the BPCares websites to promote its online PR campaign.
    This decision was unanimously agreed upon in conjunction with the BPAMA at their recently concluded meeting. The BPAMA marketers were concerned about BP’s long term commitment to the partnership. BP pointed out to the BPAMA members that they will not be abandoned; rather… they will receive the full support from BP’s marketing machine to crush the competitors like Exxon, Shell and Chevron.
    BP will use its bevy of various BPCares websites (said one of the Marketing Managers) to target specific markets in the US and around the world; “We will punish Exxon, Shell and Chevron… its War and its personal”. The domains that BP will use are as follows:
    BP will collaborate with the BPAMA with regards to the execution of specific websites. The websites will be up soon and some of the websites will target the Southern States that suffered heavily from the oil spill.