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Indian firm interested in BP’s Vietnamese asset sales

India’s National Oil and Natural Gas Corporation (ONGC) voiced its interest to buy BP’s Vietnamese assets after the UK company announced a plan to sell its property in Vietnam and Pakistan to fix its oil spill in the Gulf of Mexico.
India’s National Oil and Natural Gas Corporation (ONGC) voiced itsinterest to buy BP’s Vietnamese assets after the UK company announced aplan to sell its property in Vietnam and Pakistan to fix its oil spillin the Gulf of Mexico.

According to the Financial Times, ONGC Chairman R. S. Sharma and IndianOil and Gas Minister Murli Deora would be in Hanoi on July 21for a talk on the deal with the Vietnamese authorities and the NationalOil and Gas Group - PetroVietnam.

Sharma said the issue would bebrought into discussion with UK Prime Minister David Cameron on hisvisit to New Delhi next week.

BP intends to sell all of itsassets in Vietnam and Pakistan , except for its lubricantsbusinesses, in an attempt to raise 10 billion USD to help pay for theGulf oil clean up and compensation.

BP’s Vietnamese assets are estimated at about 966 million USD.

BPhas been operating in Vietnam for more than two decades and itsflagship asset is the Nam Con Son gas project in the East Sea , inwhich it has a 35 percent interest in two fields, with ONGC holding a 45percent stake and PetroVietnam owning a 20 percent stake.


BP has a minority stake in the 371km Nam Con Son pipeline connectingthe field to onshore terminals, and controls a third of the Phu My powerplant.

BP said it welcomes interests from any parties and will hopefully work towards a deal by the end of the year./.
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