BP May Sell Venezuela Oil Stakes to Russian Venture
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BP Plc has told Venezuela’s state oil company it’s interested in selling stakes in three projects to its Russian venture, TNK-BP, Petroleos de Venezuela SA Vice President Eulogio del Pino said.
BP needs the Venezuelan government’s approval to begin negotiations on the proposed sale, del Pino said in a mobile phone text message. BP, seeking to overcome cleanup costs and liabilities from the Gulf of Mexico oil spill disaster, didn’t indicate a value for the assets, he said late yesterday.