BP Plc, seeking to cover clean-up costs in the Gulf of Mexico, agreed to sell its fuels marketing businesses in Namibia, Botswana and Zambia to Puma Energy, as well as 50 per cent interests in BP Malawi and BP Tanzania.
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.
The oil company is seeking to conserve capital and avoid risk after the spill at its Macondo well in the Gulf of Mexico left it facing a bill projected to reach $40 billion. The southern African businesses supply commercial fuels, aviation fuel and lubricants and include about 190 service stations across the five countries, BP said.
“We targeted the BP portfolio for the outstanding quality of its staff and assets, its key account customer base and for the strategic fit,” Puma Energy Chairman Pierre Eladari said in the statement.
Sonangol, Angola’s state-owned petroleum company, will take a 10 per cent stake in the acquired businesses, BP said. The sales will be completed in 2010 in Botswana and through 2011 in the other countries, BP said.
