Tuesday, November 8, 2011

BP's $7bn sale of Pan American Energy to Argentinian firm collapses

7:19 AM | Posted by Free Game Zone | | Edit Post


. Sale of Pan American participation was to finance the costs of the oil spill in the Gulf . Flanges BP

putative buyer puts the blame on "Behavior"

A key element of a program to raise funds to help BP to pay the remuneration and responsibilities of the oil spill in the Gulf of Mexico collapsed in a bitter dispute with a company owned by a state oil company in China.

The failure of a $ 7.1 billion (£ 4 billion) to sell its 60% interest in Pan American Energy and the decision not to sell elsewhere indicate that BP announced diluted plans less than two weeks to raise $ 45 billion from the sale of businesses.

BP will pay $ 3.5 billion it made in trust for sale now, and not its 60% interest in Pan American Energy to a buyer Argentine Bridas, controlled by the China National Offshore Oil Corporation (CNOOC).

The proposed sale was one of the largest single transfer that BP had developed plans to strengthen its finances to ensure you can meet all its obligations with respect to the explosion of Macondo, in which 11 oil workers were killed and extends from the coast were damaged by oil pollution.

The decline was exacerbated by the fact that Bridas issued a statement on the weekend that said the decision to withdraw "was motivated by legal reasons, by the way featured in BP transaction and the company. "
  • But it comes amid unease relatively new CEO of BP, Bob Dudley, who could not reach a significant share exchange and process of exploration in the Arctic with Rosneft in Russia, despite previously announced with great fanfare.
  • British oil company
  • , which faces possible criminal prosecution by the spill in the Gulf, is also under pressure after court documents published in New York and published in the Observer on Sunday showed that had a prior agreement with the Russian partners despite being characterized in BP's own internal documents as "thieves and thugs."
  • BP confirmed the agreement to the Pan American despite lower sales attributed to the failure of pliers to get the green light.
"The closure of this operation was delayed because the Defense Argentina China and regulatory approvals necessary to satisfy the conditions precedent to the closing of the transaction were not obtained by Bridas Corporation.

"Under the terms of the agreement, Bridas was solely responsible for obtaining these approvals," BP said in a statement. "Due to the termination of the agreement Bridas Corporation, BP will now pay the security deposit for the transaction of $ 3.5 billion received by the end of 2010. This application was filed by BP and short-term debt will be paid in November 14 .. This return does not affect the level of BP gear, which was 19% at the end of September "



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