BP Sells Venezuela, Vietnam Assets To Russia Unit

MOSCOW (AP) -- BP's Russian joint venture says it has reached a $1.8 billion deal to buy BP's energy assets in Venezuela and Vietnam.

TNK-BP said in a statement Monday that it will finance the purchase with its own funds. It said it will make the first $1 billion payment before Oct. 29 and pay the remainder when the deal is finalized, likely in the first half of next year.

In Venezuela, TNK-BP will buy BP's 16.7 percent stake in Venezuela's PetroMonagas SA, its 40 percent stake in Petroperija SA and a 26.7 percent stake in Boqueron SA.

In Vietnam, it will acquire BP's 35 percent stake in an offshore project including Lan Tay and Lan Do gas condensate fields, a 32.7 percent stake in a gas pipeline and Nam Con Son gas terminal and a 33.3 percent in the Phu My 3 power plant.