RIL, Essar eye BP Africa assets

Jul 28, 2010 |

Reuters

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July 28: BP Plc is in talks with Reliance Industries and Essar Group to sell its African retail assets that could be worth as much as $500 million, sources said on Wednesday.

It was not known whether BP was showing the African assets to other potential buyers. It plans to sell $30 billion of assets over the next 18 months to cover costs related to the worst oil spill in US history.

Reliance Industries, India's largest listed conglomerate, declined to comment, while a spoke-sman for steel-to-shipping conglomerate Essar said “We don’t comment on speculations.” BP intends to sell its marketing business in Namibia, Malawi, Tanzania and Botswana and focus on South Africa and Mozambique. Mr Mukesh Ambani-controlled Reliance, whose interests include petrochemicals, refining, oil and gas exploration, and retail, is expanding its presence overseas by investing in shale gas. The Essar Group, controlled by billionaire brothers Mr Shashi and Mr Ravi Ruia, are nursing expansion plans, and raised $1.95 billion through an IPO of its energy and power businesses.

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