BP Sells Pan American Stake for $7.06B
LONDON (
) --
BP
said Sunday that it has agreed to sell its 60% stake in Pan American Energy for $7.06 billion.
The purchaser is
Bridas Corp.
, which like Pan American, is an Argentina-based oil and gas company.
The deal, which is expected to close next year, is part of BP's plan to sell off $30 billion in assets by the end of 2011 in order to pay costs related to its oil spill in the Gulf of Mexico earlier this year.
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The Pan American deal means that BP has struck agreements to divest itself of $21 billion in assets since the oil spill.
Bridas is partly owned by
CNOOC
(CEO) - Get Report
, a state-owned Chinese oil company.
Shares of BP closed Friday down 47 cents at $41.00.
This article was written by a staff member of TheStreet.
