Monday, April 4, 2011

BP has continued the disposal programme put in train to pay for the Macondo oil spill liabilities with the $680m

BP has continued the disposal programme put in train to pay for the Macondo oil spill liabilities with the $680m : BP has continued the disposal programme put in train to pay for the Macondo oil spill liabilities with the $680m cash sale of its Arco aluminium business.

It is selling Arco, which makes rolled aluminium sheet used mainly to make drinks cans, to a consortium of Japanese companies including Sumitomo and Itochu. BP chief executive Bob Dudley said:

Although a strong business Arco Aluminium is clearly a non-strategic asset for BP. Today's agreement will deliver an attractive price for the business, unlocking its value for our shareholders.

So far BP has sold $24bn of surplus assets and is on track for its target of $30bn worth of disposals by the end of 2011. BP's shares are 3.15p higher at 473.15p, helped by a near $1 rise in Brent crude to $119.5 following Iran's continuing refusal to support an increase in Opec production, as the conflict in Libya continues.

Meanwhile BP is reportedly planning to restart deepwater drilling in the Gulf of Mexico this summer a year after the Macondo spill

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