TNK-BP cleared to buy BP’s assets in Vietnam

Russia’s energy minister signed a memorandum with Vietnam’s government allowing Russian oil company TNK-BP (TNBPI.RTS: Quote) to acquire BP’s (BP.L: Quote) Vietnamese gas assets, a source close to TNK-BP told Reuters on Monday.

Russia’s energy minister signed a memorandum with Vietnam’s government allowing Russian oil company TNK-BP (TNBPI.RTS: Quote) to acquire BP’s (BP.L: Quote) Vietnamese gas assets, a source close to TNK-BP told Reuters on Monday.

The source also said that Vietnamese state oil group Petrovietnam waived its option to buy the assets.

Last month, BP agreed to sell a package of oil and gas fields in Vietnam and Venezuela to its Russian joint venture TNK-BP (TNBPI.RTS: Quote) for $1.8 billion as the London-based oil major raises cash to pay for its Gulf of Mexico oil spill.

India’s Oil Natural Gas Corp (ONGC.BO: Quote), another partner of BP’s in Vietnam, was also given priority options to buy the stake and had the right to approve the final sale. It was not immediately clear if ONGC still held its option. – Reuters

Tags: BP assets in Vietnam, BP Vietnam, TNK-BP

Posted by VBN on Nov 2 2010. Filed under Oil-Gas & Petroleum. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry