PTT Exploration Mulls Bid for BP's Vietnam Assets

BANGKOK (Dow Jones Newswires), Aug. 10, 2010

PTT Exploration and Production said Tuesday it has yet to decide if it will bid for BP's Vietnam assets, but they are located in an area the company is focusing on for expansion.

Chief Executive Anon Sirisaengtaksin told reporters it was "inappropriate" to comment on the potential purchase of the assets.

He said BP assets in Vietnam include a gas field, a pipeline, and a power plant.

BP said in July that it would sell its assets in Vietnam to partly cover the cost of its massive oil spill in the Gulf of Mexico.

BP holds a 35% stake in the block, which it operates. India's Oil & Natural Gas owns 45%, while PetroVietnam owns the remaining 20%.

Vietnam Oil and Gas Group, or PetroVietnam has already flagged interest in buying the assets, according to a company official.

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