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BP’s $3 Billion Algeria Sale Stalled by Government, FT Reports

BP Plc’s plans to sell two gas fields in Algeria to its Russian joint partner, OAO TNK-BP Holding for about $3 billion are being held up by the Algerian government’s refusal to release data on the In Salah and In Amenas gas fields to TNK-BP, the Financial Times reported, citing a senior banking representative close to the deal. Algeria’s state-run energy company Sonatrach, which has right of first refusal on any shares on offer as one of BP’s two partners on the acreage, may be considering buying the assets, the FT also said.

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