BP to Sell Venezuela, Vietnam Assets for $1.8 Billion

BP Plc agreed to sell assets in Venezuela and Vietnam to Russian oil venture TNK-BP for $1.8 billion as it raises money to help pay for the Gulf of Mexico oil spill.

BP, which owns the TNK-BP venture 50-50 with a group of Russian billionaires, will book the cash in full, London-based spokesman Mark Salt said. TNK-BP will make a $1 billion deposit by Oct. 29 and pay the remainder on completion of the deal, which is expected in the first half of 2011, the companies said in statements today.