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BP’s $7B Argentina Asset Sale Collapses; Bridas Cancels Talks
Nov. 07, 2011 08:16PM PST
Oil and Gas InvestingRigzone reported that BP’s (NYSE:BP) $7.06 billion deal to sell its stake in an Argentine crude-oil producer to a joint venture with Bridas Energy Holdings Ltd. and CNOOC (NYSE:CEO) got cancelled.
Rigzone reported that BP’s (NYSE:BP) $7.06 billion deal to sell its stake in an Argentine crude-oil producer to a joint venture with Bridas Energy Holdings Ltd. and CNOOC (NYSE:CEO) got cancelled.
As quoted in the market news:
BP agreed last November to sell its 60% stake in Pan American Energy to CNOOC and Bridas, with their pact containing a Nov. 1 completion date. BP said that its counterparties had, as part of the agreement, been responsible for getting Argentine anti-trust and Chinese government approvals, but had not been able to achieve this.