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BP ‘accelerating’ asset sales after Gulf oil spill

Reading: BP ‘accelerating’ asset sales after Gulf oil spill

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British energy giant BP is speeding up the sale of up to 20 billion dollars (15.5 billion euros) of assets in a bid to boost funds after the Gulf oil spill, the Financial Times reported Friday.

The company is finalising details of the sales, including the disposal of American assets to Apache Corporation worth up to 12 billion dollars, said the paper, citing people close to the situation.

Announcements are expected in the next few weeks and an unnamed senior BP figure said the company could “easily” raise 20 billion dollars from the asset sales, according to the report.

This is double the amount the oil giant originally said it wanted to sell off when it announced plans to offload assets last month.

BP is seeking to build up a disaster fund of 20 billion dollars to cover the clean-up costs for the disastrous oil spill.

Continue Reading at AFP.

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