BP announced plans to sell assets worth about $1.7bn

BP announced plans to sell assets worth about $1.7bn

BP announced plans to sell assets worth about $1.7bn as it seeks to build up cash to pay for the Gulf of Mexico oil spill.

BP said it will sell its Vietnam pipeline and upstream assets as well as its Pakistan assets.

It is the first major asset sales announcement since BP committed itself to raising $10bn in the coming year to pay for damage claims, the spill clean-up and legal costs related to the leaking well.

The Obama administration stressed that the amount is not a cap on the company’s liabilities.

BP shares were down slightly in New York trading and finished flat in London with little reaction to the planned asset sales, reports Reuters.

Oil and Gas Press

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