BP plans to sell assets in Pakistan and Vietnam

After the oil spill in the Gulf of Mexico BP intends to sell its property in Pakistan in Vietnam to cover the damage. The assets include gas fields and pipelines in Vietnam and other assets and costly exploration licenses in Pakistan except the lubricant business. According to Wall Street Journal, none of these areas is the major business point for BP, and it added only 2 percent to the total natural gas output of BP in year 2009. According to an estimate by Jason Kennedy the company can get around $1.7 million for selling its assets in both countries. Kennedy says that they have got a lot of business that is of less importance to them but can be useful for a lot of other companies.
BP plans to sell its assets in Pakistan by the end of 2010 but the timetable for the selling of Vietnam business is not mentioned yet. The company needs to discuss the affairs with the local government first because the gas supply from BP runs a major power station in Pakistan. According to a BP spokesman the total estimated cost for the oil spill was below $4 million. BP plans to sell business worth of $10 million in different countries over the next year to neutralize the damage caused by gulf spills on its charts.