BP May Sell Venezuela Oil Stakes to Russian TNK-BP Venture

[dipsydoodle]

BP Plc has told Venezuela’s state oil company it’s interested in selling stakes in three projects to its Russian venture, TNK-BP Holding, 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.

“We received a letter from BP raising the possibility of transferring its stakes of 16.66 percent in Petromonagas and its minority stakes” in two further ventures to TNK-BP, he said.