BP: Talks with Bridas On Argentina Deal Continue

LONDON (Dow Jones Newswires), Sep. 30, 2011

BP said Friday that talks with Argentina's Bridas Corp. over a deal to sell BP's stake in Pan American Energy continue.

Bridas is a joint venture between, China National Offshore Oil Company and Argentina's Bulgheroni family.

The $7.1 billion deal to buy BP's Pan American stake was initially agreed on Nov. 28 2010, to be followed by a 12 month period to finalize details and obtain regulatory approval, said a BP spokesman.

The 12 months is not an absolute deadline and talks could be extended if both parties wished, he added.

He declined to comment on a report that Argentinian politicians are threatening to block the deal.

Copyright (c) 2011 Dow Jones & Company, Inc.

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