BP Now Looks to Raise $9 Billion From Selling South American Assets

According to new reports, BP is now looking to raise some extra money by selling some of its South American assets to China. China will be bailing out BP by buying up at least $9 billion worth of energy assets from this area. This will raise vital money for the British oil company, which has been shelling out a lot of money to try and fix the Gulf of Mexico accident.

China National Offshore Oil Corporation is also understood to have expressed an interest in buying the 60 percent stake that BP holds in Pan American Energy. This is the fastest growing oil and gas group in Argentina.

China National Offshore Oil Corporation has just recently bought a 20 percent stake in Pan American Energy for $3 billion. It is also keen to increase its holdings to 80 percent through a new deal with BP. Chinese oil companies, which are actually partly owned by the state, have been avid buyers of energy assets from areas all over the world. They have been doing this in an effort to feed the country’s rapid industrialization program. However, it is also no secret that the companies do not want to see Russian oil companies spreading their influence all over the world.

So far BP has declined to comment on any talks with either China or Russia. However, they did announce their plans to sell $10 billion in assets worldwide to help pay for claims and other demands from the aftermath of the oil slick from the Deepwater Horizon rig explosion. This little event took place in the Gulf of Mexico back in April and has been causing major problems ever since.