Deals
BP Sells Pakistan Assets to China UEG for $775 Million
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BP Plc sold fields in Pakistan to Hong Kong-based investment group United Energy Group Ltd. as part of its plan to pay for the Gulf of Mexico oil spill.
UEG will pay $775 million in cash, including a $100 million deposit, and the deal is expected to close in the first half of 2011, BP said today in a statement in London. The net production of the assets is about 35,000 barrels of oil equivalent a day.