BP must prioritize partners for Vietnam asset sale

DALAT, Vietnam (Reuters) - BP Plc must give priority to its partners in sales of stakes in energy assets in Vietnam before making offers to outside parties, the country's deputy minister of industry and trade said on Wednesday.

"The approach is now informal," Do Huu Hao, said when asked if the oil major had contacted the Vietnamese government on the stake sale.

"They need to have a formal letter with a proposal to the Vietnamese government," he said. "After that letter (they) need to discuss with Petrovietnam and partners.

"In principle, priority should be given to sell the stake to partners. If partners do not buy, then they can sell to outside parties and in case of selling to outside parties, they (BP) will need to seek permission from the Vietnamese government on the supply of bidding documents."

Hao was speaking to Reuters and domestic media at a meeting of ASEAN energy ministers.

BP has kicked off a $10 billion asset sale aimed at raising cash to pay for its Gulf of Mexico oil spill, saying on Tuesday it planned to sell gas assets in Pakistan and Vietnam worth around $1.7 billion.

A BP spokesman said the company was "exploring divestment options" for its interest in the Nam Con Son gas project, which the London-based company says is one of Vietnam's largest foreign investment projects.

The interest, which comprises stakes in the Lan Tay and Lan Do gas fields, the Nam Con Son pipeline and the Phu My power generation project, is worth $966 million, analysts at UBS said in a research note on Monday.

(Reporting by Ho Binh Minh, writing by Ramthan Hussain, Editing by Clarence Fernandez)