Faltering BP Sells Assets
The oft-maligned BP is still sloughing off assets to stay economically afloat. The oil giant just sold a majority stake in Pan American Energy for $7.1 billion in cash, putting BP’s running total at $21 billion in assets sold. —JCL The New York Times: BP agreed on Sunday to sell its majority stake in Pan American Energy to its partner in the joint venture, Bridas, for about $7.1 billion in cash, as the wounded oil giant continues to sell off assets. With the sale of Pan American, one of the biggest oil producers in Argentina, BP will have raised about $21 billion of the $30 billion it hoped to reap from asset sales by the end of next year. The money is meant to help cover an estimated $40 billion in damage claims tied to the Deepwater Horizon oil spill disaster in the Gulf of Mexico in the spring. Read more Related Entries November 23, 2010 Iran’s Parliament Schemes to Impeach Ahmadinejad November 22, 2010 Power and the Tiny Acts of Rebellion
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Faltering BP Sells Assets
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on November 28, 2010. Filed under