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BP plan to divest Pakistan assets seen as 'expected' moveBP plan to divest Pakistan assets seen as 'expected' move

07/26/2010
BP PLC has reportedly decided to divest its exploration and production operations in Pakistan by yearend, according to a company spokeswoman."You will see actual transaction taking place anytime around December," said BP spokeswoman Sabeen Jatoi.The supermajor's decision to pull out from Pakistan is in line with a plan to sell its global assets in an effort to raise funds to use as compensation for the Macondo well blowout and oil spill in the deepwater Gulf of Mexico.BP acquired its Pakistan operations when it acquired ARCO in 2000. ARCO purchased the assets when acquiring them from Union Texas in 1990.Recent market chatter is pointing to a UAE-based buyer for the assets. Jatoi...
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