BP is selling its upstream businesses and associated interests in Venezuela and Vietnam to TNK-BP for USD 1.8 billion in a cash only deal. The Venezuelan interests include the joint ventures in Petroperijá, Boquerón and PetroMonagas. The sales are, according to BP, part of the plan to divest up to USD 30 billion in order to make funds available to meet the costs it must cover as a result of the recent Gulf of Mexico oil spill. TNK-BP is Russia’s third-largest oil company, owned jointly by BP and by AAR Consortium, which is made up of Access Industries, Alfa Group and Renova.
