BP To Sell Its Vietnam and Pakistan Assets To Pay For Gulf Spill

British oil giant BP plc (BP) said it will sell its gas fields and gas pipeline in Vietnam as well as its Pakistan assets — worth about $1.7 billion — as part of its effort to raise $10 billion from divestments to cover Gulf of Mexico oil-spill cleanup costs, a spokesman for the company said Tuesday.

BP’s cleanup costs for the oil spill, the largest offshore spill in U.S. history, could reach as high as $70 billion, according to the Times.

Shares of BP were down 70 cents, or 1.93%, to $35.14 at 12:25pm ET on Tuesday. BP shares have traded between $26.75 and $62.38 over the last 52 weeks.

• Create Content With AI
• Become A Funded Futures Trader