BP sells Vietnam energy assets to Russian group

The deal is part of a series of sales BP is making to help pay for oil spill damages in the Gulf of Mexico. It will be financed entirely by TNK-BP, which is owned 50-50 by BP and a group of Russian tycoons.

Under the deal, in Venezuela, TNK-BP will buy BP’s 16.7 percent stake of PetroMonagas SA and 26.7 percent stake of Boqueron SA.

In Vietnam, the company will acquire BP’s 35 percent of stake in a upstream offshore gas project including Lan Tay and Lan Do gas fields, a 32.7 percent stake in Nam Con Son Pipeline and Terminal, and a 33.3 percent stake in Phu My 3 power plant.

“The acquisitions in Venezuela and Vietnam mark a milestone in TNK-BP's strategic expansion in the global energy market,” TNK-BP CEO Mikhail Fridman said. He also expressed his company’s interest in buying BP assets in Algeria.

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