HSBC tapped to sell BP stake in Vietnam gas project

BP has tapped HSBC to sell its stake in the Nam Con Son gas project in Vietnam as it scrambles to hive off $30 billion of assets to pay for the clean-up of the worst oil spill in US history, three sources said.

The British oil giant, which is trying to sell a host of assets from Pakistan to Egypt, said last week it is seeking a buyer for its stake in the Nam Con Son gas project offshore Ho Chi Minh City, worth $966 million by one estimate.

India’s state-run explorer Oil and Natural Gas Corp and Petrovietnam — both partners with BP in the project — are expected to submit a joint formal offer within weeks to buy BP’s stake.

The stake is also likely to draw interest from Thailand’s PTTEP, and Malaysia’s Petronas, among other Asian bidders, one of the sources said.

The sources were not authorized to speak publicly about the matter and declined to be named. An HSBC spokeswoman in Hong Kong declined to comment.

BP’s planned asset sales are aimed at helping it pay for its liabilities and create a leaner company with the potential for higher growth. The company agreed to a $7 billion sale of oil and gas fields to Apache Corp last week. – Reuters

Tags: BP Vietnam