BP Plc, the British energy company in the midst of an oil spill crisis, agreed to sell some of its assets to Apache Corp for $7 billion to pay for one of the worst oil leaks in history. These assets include production and exploration facilities in Egypt, Canada and the US.
The $7 billion deal is part of BP’s plan of raising $10 billion by selling some of its assets. Apache will pay a cash deposit of $5 billion on July 30, 2010.
As of July 20, BP’s share price decreased 1.54% in New York. Earlier that day, the energy company reported that it would sell assets in Pakistan and Vietnam worth $1.7 billion.
The gruesome disaster in the Gulf of Mexico remains on the priority list of both British and American governments.
British Prime Minister David Cameron commended BP for its continuing efforts in plugging the leak and paying for the spill’s damages. On July 20, US officials reported BP’s latest step in stopping the spill – a cap that prevented oil from gushing out.
Fishing and tourism industries operating in the area around the Gulf have been devastated by the millions gallons of oil that hit marshes and beaches. Natural environments and habitats have been threatened and as a result, the Obama administration received negative feedback and ties with Britain were affected.
More sources:
http://finance.yahoo.com/news/BP-to-sell-assets-for-7-apf-3900764604.html?x=0&sec=topStories&pos=3&asset=&ccode=
http://www.google.com/hostednews/ap/article/ALeqM5g9wOfmmrQmVwnYqaM5OpN5B3mxXgD9H319B80
