Trafigura buys BP assets in southern Africa: report

WINDHOEK (BestGrowthStock) – International oil trader Trafigura has bought BP’s (BP.L: ) assets in the southern African nations of Namibia, Botswana and Zambia, The Namibian daily newspaper said on Friday, citing a government minister.

The newspaper gave no amount for the sale, which it said had been confirmed by Namibia Mines and Energy Minister Isak Katali.

BP has committed to sell up to $30 billion of non-core assets to pay for its devastating oil leak in the Gulf of Mexico this year.

A spokeswoman for BP in Johannesburg, Glenda Zvenyika, said the company was in talks to sell assets in the three countries, as well as Malawi and Tanzania, but no decision had been made.

“BP is in the process of selecting a buyer for its assets in five African countries and that’s all there is at the moment. Before we make an announcement on the deal, these reports are just speculation.”

Namibia’s Katali was not immediately available for comment.

Namibian state-owned petroleum corporation Namcor had bid N$637.5 million ($93.1 million) to buy BP’s assets in the country, but failed to secure backing from the government.

Separately, The Namibian reported UK-based oil firm Glencore has warned the Namibian government it will fight the potential cancellation of its contract to provide 50 percent of the country’s oil.

The government last month suspended Namcor from procuring Glencore, even though the two have a contract that runs to 2014.

(Reporting by Servaas van den Bosch; editing by David Hulmes)

Trafigura buys BP assets in southern Africa: report