Stock market today: BP to Sell Malaysian Assets to Petronas

Stock market today: BP said Wednesday that it would sell some of its Malaysian assets to Petronas, the country’s oil consortium, in a deal worth up to $411 million, as it begins to divest itself of businesses to recoup the costs of the Gulf oil spill.

The British oil giant said it was selling its stakes in Ethylene Malaysia and Polyethylene Malaysia, both already operated and part-owned by Petronas, which BP called their “natural owner.”
The deal with Petronas includes a $363 million cash payment, a $15 million balance sheet adjustment, the repayment of a $53 million shareholder loan, and potentially a special dividend of $48 million from Ethylene Malaysia. via nytimes

BP News 1: BP PLC (BP) will submit Wednesday a report evaluating lessons learned in its response to the oil spill in the Gulf of Mexico to U.S. regulator the Bureau of Ocean Energy Management, Regulation and Enforcement, a company spokesman said.