InfoAnda - BP sells Pakistan assets to United Energy Group

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World BP sells Pakistan assets to United Energy Group AFP - Wednesday, December 15 Send IM Story Print BP sells Pakistan assets to United Energy Group Slideshow: Full Photo Coverage: Business & Economy LONDON (AFP) - – BP said Tuesday that it will sell most of its Pakistan assets to Britain-based firm United Energy Group, as part of sales to pay for the Gulf of Mexico oil spill. "BP announced today that it has entered into an agreement to sell almost all of its exploration and production assets in Pakistan to United Energy Group Limited (UEG)," it said in a statement. "UEG will pay BP a total of 775 million dollars (574 million euros) in cash for these assets which consist of nine producing and exploration blocks in Sindh province and four offshore exploration blocks in the Arabian Sea." The deal, expected to be completed in the first half of next year, is part of BP's ongoing divestment plan to pay for the devastating Gulf of Mexico oil disaster. "The sale of these interests in Pakistan is part of BPs plan, announced in July 2010, to divest up to 30 billion dollars of assets by the end of 2011," BP said. "Before the agreement to sell these assets in in Pakistan, BP already had sales agreements in place totalling approximately 21 billion dollars." BP chief executive Bob Dudley said the company was making speedy progress towards its goal. "Today's agreement is further evidence of the rapid progress BP has made towards the divestment target we set out," he said. "We now have agreements to secure the majority of our divestment target. We are continuing to identify further assets that may be strategically more valuable to others than to BP as we complete the programme." Recommend Send IM Story Print Related Articles AGL fails, Origin poised to buy Australia power assets Reuters - Tuesday, December 14 FACTBOX-Key issues in U.S.-China trade talks Reuters - 2 hours 56 minutes ago WRAPUP 2-UK court grants bail to WikiLeaks' Assange Reuters - Wednesday, December 15 Zell sees little new U.S. commercial property Reuters - 2 hours 22 minutes ago Pride commissions deepwater rig in newbuild flurry Reuters - 2 hours 28 minutes ago News Search Top Stories ECB calls for bigger eurozone emergency fund Berlusconi's fate on a knife-edge as MPs vote Eurozone industrial output rebounds in October Record profits forecast for airline industry Bernard Madoff will not attend son's funeral: lawyer More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Bernard Madoff will not attend son's funeral: lawyer Nissan delivers first Leaf in San Francisco Peak viewing for 'shooting stars' meteor show Ireland blocks 40 million euros in bank bonuses Obama presses angry allies on tax deal More Most Viewed » NASA finds new form of life... on Earth Defiant Obama defends tax cuts, eyes 2012 More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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