Russia’s TNK-BP to pay $1.8 billion for BP assets

MOSCOW (BestGrowthStock) – Russia’s TNK-BP (TNBPI.RTS: ), half owned by British major BP (BP.L: ), said on Monday that it will acquire BP’s production and pipeline assets in Vietnam and Venezuela for $1.8 billion.

The company will use its own funds to finance the new acquisitions, which will bring TNK-BP proved and probable reserves of 290 million barrels of oil equivalent, the company said in a statement.

(Reporting Jessica Bachman; Editing by Lidia Kelly)

Russia’s TNK-BP to pay $1.8 billion for BP assets