BP Announces Asset Sales to Pay for Spill (BP)
BP (NYSE: BP) announced Tuesday that it would sell assets worth $1.7 billion to help cover the costs of its Gulf oil spill.
BP said it would sell its Vietnam pipeline and upstream assets as well as its Pakistan assets. The company has already paid $3.95 billion to cover costs associated with the oil spill. The April 20 Deepwater Horizon blowout has taken a tremendous toll on the Gulf region's environment and economy.
Elsewhere Tuesday, UK Prime Minister David Cameron expressed confidence that BP would set the matter straight.
Cameron, in Washington D.C. to meet with President Obama, told NPR that "Of course BP has got to do everything necessary to cap the oil well, to clean up the spill, to pay compensation. I've met with BP. I know they want to do that, and they will do that."
According to Reuters, it is the first major asset sale announcement since BP committed to raise $10 billion in the coming year to pay for damage claims, the cleanup and legal costs related to the leaking well.
Shares of BP are down close to 2% in afternoon trade, to $35.15.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.