TNK-BP Ltd. said Monday it has signed an agreement with Vietnam Oil & Gas Group, or PetroVietnam, that supports the Anglo-Russian oil producer's bid to buy assets from U.K. oil major BP PLC (BP) in Vietnam.
TNK-BP Ltd. said Monday it has signed an agreement with Vietnam Oil
& Gas Group, or PetroVietnam, that supports the Anglo-Russian oil
producer's bid to buy assets from U.K. oil major BP PLC (BP) in Vietnam.
"PetroVietnam will support TNK-BP's entry to the Vietnamese oil and gas
market through the acquisition of BP's stake in upstream gas producer Block
6-01 and also will support TNK-BP's intention to further expand its downstream
and upstream business in
Vietnam
,"
TNK-BP said in a statement.
BP, which owns half of TNK-BP, last month agreed to sell assets in
Vietnam
and
Venezuela
to
TNK-BP for $1.8 billion as part of a larger program to cover costs of the
Gulf
of Mexico
oil spill.
TNK-BP are in talks with PetroVietnam to create a joint venture with the
intention to develop upstream projects in
Russia
, the
company said.
TNK-BP will also consider the further supply of crude oil on a long- term basis
to
Vietnam
through the ESPO pipeline.
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