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Russia's TNK-BP to pay $1.8 bln for BP assets

October 18/2010

(Asia Yahoo News) -- Russia's TNK-BP, half-owned by British major BP,  said on Monday it would acquire BP's production and pipeline assets in Vietnam and Venezuela for $1.8 billion.


The company will use its own funds to finance the new acquisitions, TNK-BP said in a statement.

"The acquisitions in Venezuela and Vietnam mark a milestone in TNK-BP's strategic expansion in the global energy market," said Mikhail Fridman, TNK-BP's executive chairman and one of its four Russia-connected shareholders.


Taken together, the Vietnamese and Venezuelan assets gave BP net reserves of 270 million barrels of oil equivalent , and its share in production from the Venezuelan assets is 25,000 boe per day, BP said in a separate press statement.

Last year TNK-BP produced 1.89 million boe per day.

Russia's TNK-BP to pay $1.8 bln for BP assets

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