BP May Sell Venezuela Assets To Russian Venture

BP BP, Europe's largest oil company by production volume, may sell its interest in three Venezuela oil projects to the company's TNK-BP Holding, BP's Russian venture. TNK-BP is the destination for BP CEO Tony Hayward come October 1. Hayward will be replaced by Robert Dudley, the former head of TNK-BP. BP has told Venezuela's state oil company, Petroleos de Venezuela SA, that it is interested in selling the stakes. BP will need government approval to move forward with the sales. BP may fetch about $1 billion by selling the Venezuela assets. The company is looking to sell $30 billion in assets over the next 18 months to raise cash for costs related to the Gulf of Mexico oil spill and to reduce its debt load. Morgan Stanley MS and Royal Bank of Scotland Group Plc RBS may be involved in BP’s negotiations with TNK-BP, the London Times reported.