Company news from ShareCast

BP raises $400m through Malaysia disposals

Troubled oil giant BP has raised more than $400m (£260m) through the sale of two of its interests in Malaysia to help meet its bill for the Gulf of Mexico disaster.

The oil group's 15% interest in downstream businesses Ethylene Malaysia and 60% stake in Polyethylene Malaysia are being sold to Petronas, which operates the facilities of the pair located at Kertih, on the east coast of Malaysia.

The total consideration is $411m, consisting of $363m cash and a $48m dividend from Ethylene Malaysia.

"Whilst these are attractive businesses with strong domestic and regional markets, BP recognizes that Petronas is their natural owner, with various integration opportunities uniquely available to them at the Kertih site," said Sue Rataj, president of BP's Global Petrochemicals business. The disposals do not affect BP's other businesses in Malaysia, it added.

BP has stepped up its programme of asset disposals recently to pay for the costs of clearing up the Macondo well leak in the Gulf.

It has already paid out $6bn directly on the clean-up operation but also has to put $20bn into an escrow account under a deal agreed with the US government. On top of that, the firm faces potentially huge litigation payouts.

Company news: Most read

BP hikes divi as profits jump - UPDATE
Tue 07 February 2012 10:02
Tuesday preview: BP and Xstrata
Mon 06 February 2012 17:16
Glaxo reports falling sales but raises divi - UPDATE
Tue 07 February 2012 11:51
Friday preview: BarCap and bonuses in focus (as usual) at Barclays
Thu 09 February 2012 17:24
Thursday preview: QE decision, Rio, BG, Diageo
Wed 08 February 2012 17:54

Deal shares from just
£5.95 per deal
Find out more »

No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.

Market latest

FTSE 100 | FTSE 250 | All Share

FTSE 100	5,895.47	+0.33%
FTSE 250	11,234.57	+0.65%
FTSE All Share	3,046.11	+0.39%
Dow Jones	12,890.46	+0.05%
NASDAQ	2,927.23	+0.39%
Xetra DAX	6,788.80	+0.59%
Paris CAC 40	3,424.71	+0.43%
Nikkei 225	8,947.17	-0.61%
Hang Seng	20,771.74	-1.13%