Wednesday, 8 December 2010

BP to sell stake in Pan American Energy to pay for oil spill.


 Continuing its plan to rid itself of $30bn by 2011, BP has sold its 60% stake in Pan American Energy (PAE) for $7bn. In selling its shares in the Argentine oil company, BP will have raised more than $20bn since July. The oil spill crisis is estimated to cost the company $40bn in total.

BP chief executive said the sale showed BP was strong enough for the company to continue despite its large liabilities.

He said: “This agreement further demonstrates both the high quality and attractiveness of the assets throughout BP’s global portfolio and also the company’s ability to meet our significant financial commitments arising from the Gulf of Mexico tragedy.

“We now have agreements in place that should secure the majority of our divestment target. We will continue to identify further assets that may be strategically more valuable to others than to BP as we complete the programme.”

5 comments:

  1. Lovely, good post. I just bumbled upon your blog and wanted to say that I have really enjoyed reading your blog posts. Any way, I will be signing up to receive your feed and I hope you post very soon . Voyante paris ; Astrologie .

    ReplyDelete
  2. Welcome to replica watches sale here. Swiss Replica Watches On Sale, replica Cartier watches UK
    Rolex, Audemars Piguet, Hublot, Panerai and many more Swiss hand made replica watches with Swiss clone movements.

    ReplyDelete
  3. Many people have who send there parcel from the USA, but their parcel doesn't arrive its destination timely. For them have a good news we are here to take your parcel and we delivering your product on time. Warehouse mexico

    ReplyDelete
  4. This comment has been removed by the author.

    ReplyDelete
  5. You should examine this post for some info on how to write essay about Great Gatsby. I think that you need to check it out sooner or later

    ReplyDelete