18 Oct 2010 10:38

TNK-BP agrees to buy BP assets in Venezuela, Vietnam for $1.8 bln

MOSCOW. Oct 18 (Interfax) - TNK-BP has struck a deal to purchase from its British shareholder BP production and pipeline assets in Venezuela and Vietnam for a combined $1.8 billion, TNK-BP said in a statement.

"These acquisitions will be completely financed with TNK-BP resources and will not require the additional raising of shareholder funds. The first payment, of $1 billion, will be transferred before October 29, and the rest of the money will be paid at the completion of the deal. If the necessary coordination is secured from the governments of Vietnam and Venezuela, and other preliminary deal conditions are met, the parties expect them [the various acquisitions] to wrap up in the first half of 2011," the company said.