UPDATE 1-OGDCL Announces Bid For BP Pakistan Assets

Source: Reuters 12/6/2010, Location: Asia

Pakistan's biggest listed firm, the Oil and Gas Development Co. Ltd. (OGDCL) (OGDC.KA), announced it will make a joint bid for BP's (BP.L) assets in Pakistan with Pakistan Petroleum Ltd (PPL) (PPL.KA).

BP announced its plans to sell its upstream assets in Pakistan in July, as part of a $10 billion global asset sale aimed at raising cash to pay for its Gulf of Mexico oil spill.

"We will bid jointly with PPL," OGDCL spokesman Basharat Mirza said, adding the bid will be submitted later in the day.

He did not give any details of the pricing.

OGDCL already has some stakes in BP's Pakistan assets. PPL is Pakistan's second-largest listed firm by market value.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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