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BP sells assets to cover Mexico spill

21st July 2010

Oil giant BP has announced that it will part-fund the cost of cleaning up the Gulf of Mexico spill by selling assets in the US, Canada and Egypt.

The firm has reached a deal with US-based oil production firm Apache Corp to sell its holdings in the Permian Basin in Texas and south-east New Mexico, its upstream gas assets in western Canada and two business and exploration concessions in Egypt for a total of USD 7 billion (GBP 4.6 billion).

Carl-Henric Svanberg, the chairman of BP, said that the firm has spent the past two months considering its options for covering the 'obligations likely to arise from the Gulf of Mexico oil spill'.

'The board believes that there are opportunities to divest assets which are strategically more valuable to other parties than they are to BP,' he commented.

BP group chief executive Tony Hayward added that the company has obtained an 'excellent price' for the assets and said it will strive to receive 'maximum value' for any other parts of the business it needs to sell.

On July 16th, BP revealed that the payments issued to individuals and businesses affected by the Gulf of Mexico spill had reached USD 201 million, with over 32,000 claimants receiving compensation so far as a result of the environmental disaster.

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