BP sells African business to pay for US Gulf spillage costs!
British Petroleum plc (BP) of UK agreed to sell its fuels marketing businesses in Namibia, Botswana and Zambia to Puma Energy, as well as 50 percent interests in BP Malawi and BP Tanzania. This is in a bid to raise funds to cover costs from the clean up exercise in the Gulf of Mexico. Puma Energy, a subsidiary of Amsterdam-based commodities trader Trafigura Beheer B.V., will pay BP a total of $296 million in cash for the fuel marketing units, the London-based company said in a statement today. The sales do not include refining and marketing operations in Mozambique or South Africa, BP said.
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