BP Plc is adding £350m to its cash pile by selling its stake in a Colorado natural gas processing plant to US rival Anadarko.
It has agreed to sell its 93% stake in the plant, having previously sold out of local gas production.
BP chief executive Bob Dudley is selling off a series of its operations around the globe to raise cash for its share of the Macondo disaster in the Gulf of Mexico – expected to cost $41bn (£25bn), and to focus the oil giant on new areas such as Russia’s Arctic waters.
His target is to raise $30bn (£18.3bn) by end-2011 and so far proceeds are in excess of $20bn (£12.2bn).
Analysts in Canada think BP could raise another £1.4bn from the sale of its Canadian gas liquids business – pipelines, storage and gas treatment plants. These were put up for sale last year. BP shares rose 2p to 465.6p
