Tuesday, August 10, 2010

BP (NYSE:BP) Vietnam Assets Generate Interest, No Bids Yet

There has been a lot of interest in the assets BP (NYSE:BP) has been putting up for sale, including those in Vietnam, which include a power plant, gas field and pipeline.

When PTT Exploration and Production PCL (PTTEP.TH) was asked about their interests in the BP assets, chief executive officer Anon Sirisaengtaksin said he didn't think it was appropriate to comment on the circumstances.

Another competitor in the country, PetroVietnam, has already expressed an interest in the properties, but have yet to make an official bid.

The particular assets for sale are 35 percent owned by BP. Oil & Natural Gas Corp. from India has a 45 percent stake in it, and PetroVietnam the remaining 20 percent.

An increasing number of BP assets are being put on the block in order to raise money to pay for the Gulf oil spill cleanup and claims resulting from the damage associated with it.

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