And the Deepwater Horizon event spills over into Malaysia (pun intended).
Taken from the New York Times, dateline 2010-09-01:
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.
The sale does not, however, signal that the company is departing from Asia.
I look forward to the day BP wins deep water acreage in Malaysia, then we know that all has been forgiven, lessons learnt loss, and that money speaks louder than pelagics (I’m a diver, so sue me).
Wata - Malaysian Oil and Gas Engineer 