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FINANCIAL NEWS
BP confirms the sale of South China Sea gas block stake to Kuwait’s KUFPEC
22 Dec 2012
(MENAFN) British Petroleum (BP) has confirmed the sale of its 34.3 percent interest in the Yacheng gas field in the South China Sea to Kuwait Foreign Petroleum Exploration Company (KUFPEC) for USD308 million, Arabian Business reported.
Subject to regulatory approvals, BP said in a statement that it expects the deal to close in the second half of 2013.
KUFPEC will own 49 percent in the gas field, after the deal is sealed. China’s CNOOC owns 51 percent in the field.
The field currently supplies natural gas for power generation to Castle Peak Company Limited in Hong Kong via a 780km pipeline.
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