BP in talks with Chinese to sell major asset: report

1st July 2010, Comments 0 comments

BP is in talks with CNOOC about selling part of BP's stake in Argentina's Pan American Energy to the Chinese group as it seeks to meet the costs of the US Gulf of Mexico spill, Sky News reported Thursday.

BP has begun talks with China's state oil and gas producer about a deal worth 6.0 billion pounds (7.3 billion euros, 9.1 billion dollars) to the embattled British company, Sky said without revealing its source. BP refused to comment.

"We do not comment on market speculation," a BP spokeswoman told AFP.

The British energy giant had announced last month that it would sell 10 billion dollars of non-core assets in a bit to fund costs arising from the US Gulf of Mexico oil spill disaster.

© 2010 AFP

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