Reliance, Essar eye BP`s Africa retail opsPublished on Wed, Jul 28, 2010 at 18:12 | Source : Reuters Updated at Wed, Jul 28, 2010 at 19:25 231340 Investors following Reliance. Share this News with them.
BP Plc is in talks with Reliance Industries and Essar Group to sell its African retail assets that could be worth as much as USD 500 million, four sources with direct knowledge of the matter told Reuters on Wednesday. It was not immediately known whether BP was showing the African assets to other potential buyers. BP plans to sell USD 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 spokesman 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.
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