BP sells assets in Argentine to pay debts

BP oil company has agreed to sell its share in Pan American Energy
equal to 60%. This allowed BP to earn $7.06 billion, Bridas received
total control over Pan Americana, located in South America, Vedomosti
reports, citing Dow Jones.

BP will use the funds to pay the debts that resulted from oil spills
in the Gulf of Mexico. It owes $40 billion. Pan American was purchased
by the joint venture of Chinese Cnooc International and Argentinian
Bridas Energy Holdings. A Cnooc official said that the purchase will
allow China to increase oil production by 68 000 barrels a day.

BP has already sold assents worth $21 billion since the start of the
oil spill. The copany was managing to sell the assets at a maximum
price. Pan American Energy was sold for a smaller price than expected.
BP was expecting $9 billion.

Manager of the company Bob Dudley said that BP will continue searching
for inner assets. By the end of this year BP plans to sell assets
worth $30 billion. The company is ahead of schedule in its sales.