Wednesday, July 21, 2010

India Eyeing Assets of BP in Vietnam

BP (NYSE:BP) has let it be known that they are looking for buyers of their assets in Vietnam, and India has stepped forward first to say they're interested in the projects there.

Oil Minister Murli Deora said government-run businesses are going to negotiate with PetroVietnam, which is the largest oil producer in the country, about acquiring assets held by BP.

Also reportedly on the table is a $1.3 billion stake BP holds in the Nam Con Son gas project, among the largest of investment projects from foreign companies in Vietnam.

Among assets held in Nam Con Son are a gas-run power plant, pipeline, and the Lan Tay and Lan Do gas fields.

The sales of these and other assets are for the purpose of raising capital to put in the $20 billion escrow fund, and other related liabilities.

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