BP Sells Venezuela, Vietnam Assets To TNK-BP For $1.8B

BP BP, Europe's second-largest oil company, said it will sell its assets in Venezuela and Vietnam to its Russian joint venture, TNK-BP, for $1.8 billion. The asset sales are part of BP's plan to divest $30 billion in assets to raise cash for costs related to the Gulf of Mexico oil spill. TNK-BP, Russia's third-largest oil producer, is using the purchases to expand its international presence and challenge Lukoil as Russia's top oil producer. NK-BP will make a $1 billion deposit by Oct. 29 and pay the remainder when the deal is finalized, likely in the first half of next year, according to the Associated Press.