BP Looks to Sell $2B in Assets in Canada


Oil company BP (NYSE:BP) is looking to sell off pipeline and oil production plant assets in Canada that could be worth as much as $2 billion, Bloomberg News reported, citing people familiar with the matter.

According to Bloomberg, BP has hired Credit Suisse (NYSE:CS) to help put together buyers of the Canadian oil, natural gas and ethane pipelines and plants. Among the potential suitors are mid-stream oil companies and private equity funds.

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BP could announce the asset sale as early as next year, the news organization said.

BP has been selling off assets partially as it restructures its business but also to help pay off the $40 billion bill it faces for the Gulf of Mexico oil spill. The company said it was looking to sell about $30 billion in assets and has raised more than $20 billion so far.

Shares of BP were up 0.3% on Wednesday to $44.57.

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