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(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.
mrcplast.com
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