Friday, November 5, 2010

BP (NYSE:BP) Reportedly Sells African Assets to Trafigura

A newspaper in Namibia reported that BP (NYSE:BP) has sold assets in the country, and also in Botswana and Zambia, to oil trader Trafigura. The paper cited a minister from the government as the source.

Claims that Namibia Mines and Energy Minister Isak Katali confirmed the sale was asserted by the paper.

BP spokeswoman Glenda Zvenyika, based in Johannesburg, said, "BP is in the process of selecting a buyer for its assets in five African countries and that's all there is at the moment. Before we make an announcement on the deal, these reports are just speculation."

Zvenyika did reiterate the company is in negotiations to sell the assets in the three countries, and also in Tanzania and Malawi, but at this time there have been no decisions made concerning deals.

BP has a goal of selling off about $30 billion in assets to raise capital to pay for liabilities related to the Gulf oil spill.

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