Under the agreement, Bridas will pay BP a total of $7.06bn in cash for BP’s 60% interest in PAE, and the transaction is expected to be completed in 2011.
The sale of its interests in PAE is part of BP’s plan to divest up to $30bn of assets by the end of 2011, the company said.
Bridas is required to pay BP a cash deposit of $3.53bn with the balance of the proceeds due on completion of the sale.
The $1.41bn of this deposit is due to be paid on 3 December 2010, with the balance of $2.12bn to be paid by Bridas on 28 December2010.
