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BP completes sales negotiations with Bridas Corporation

Bridas Corporation is set to buy BP's 60 per cent stake in Pan American Energy.

29 November 2010

BP has agreed to sell its interests in Argentina-based oil and gas company Pan American Energy (PAE) to Bridas Corporation following successful sales negotiations.

The deal is part of BP's plan to divest up to $30 billion (£19.2 billion) of assets by the end of next year, with $14 billion already raised from previous sales arrangements before this latest deal.

Bridas Corporation currently owns 40 per cent of PAE and will pay a total of $7.06 billion for the 60 per cent interest held by BP at present.

"Today's agreement further demonstrates both the high quality and attractiveness of the assets throughout BP's global portfolio," said group chief executive Bob Dudley.

He added that the business has completed sales negotiations that have secured the majority of its target for divestment.

Last week, the scanner, projector and printer maker Epson agreed a deal with the football club Manchester United to become the club's "official office equipment partner".

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