Tuesday, October 26, 2010

BP (NYSE:BP) Denies S.Africa, Mozambique Assets for Sale

Media reports BP (NYSE:BP) was going to sale its assets in S.Africa and Mozambique were debunked by the oil giant, where they said they had no intention of taking those actions, but are rather looking at investing more in them.

BP noted their intention is to spend close to $90 million on fuel terminals, safety, and to restore its damaged reputation.

BP's Chief Operating Officer for the eastern hemisphere, Tufan Erginbilgic, confirmed it saying, "South Africa is an important market for us. There's no intention to sell any more assets; in fact, next year we will spend about $90 million."

Most of the capital expenditure will be focused on the South African market.

In other African markets like Tanzania, Zambia, Botswana, Namibia and Malawi BP does has assets for sale.

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