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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/11/bp-announces-latest-asset-sale.jpg"><img class="alignnone size-full" title="Oil giant BP has sold more than £12 billion of assets to help pay for the Gulf of Mexico disaster" src="http://londonglossy.com/wp-content/uploads/2010/11/min-bp-announces-latest-asset-sale.jpg" alt="Oil giant BP has sold more than £12 billion of assets to help pay for the Gulf of Mexico disaster"/></a></p>
<p>Oil giant BP has now sold 20 billion US dollars (£12.8 million) of assets to help pay for the Gulf of Mexico oil disaster after offloading its majority stake in an Argentina-based company.</p>
<p>The group announced it had sold its 60% interest in oil and gas firm Pan American Energy (PAE) to Bridas Corporation, a company half-owned by China National Offshore Oil Corporation, for 7.06 billion US dollars (£4.5 billion).</p>
<p>The sale brings BP closer to its target to sell up to 30 billion US dollars (£19 billion) of assets by the end of 2011 to help pay the compensation bill for the Deepwater Horizon explosion in April &#8211; which sparked the largest offshore oil spill in history.</p>
<p>Before the deal, BP had secured 14 billion US dollars (£8.9 billion) worth of asset sales, by selling interests in North America, Egypt, Venezuela, Vietnam and Colombia.</p>
<p>BP group chief executive Bob Dudley said: &#8220;Today&#8217;s agreement further demonstrates both the high quality and attractiveness of the assets throughout BP&#8217;s global portfolio and also the company&#8217;s ability to meet our significant financial commitments arising from the Gulf of Mexico tragedy.&#8221;</p>
<p>BP ultimately expects the cost of the oil spill to be in the region of 40 billion US dollars (£25.6 billion).</p>
<p>Earlier this month, BP revealed an additional charge of 7.7 billion US dollars (£4.9 billion), in addition to a 32.2 billion US dollar (£20 billion) hit in the second quarter.</p>
<p>The initial charge included a 20 billion dollar (£12.9 billion) compensation fund and sent BP into the red for the first time in 18 years.</p>
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