October 27, 2010 / 8:11 PM / 9 years ago

Venezuela says BP's asset sale valued at $800 mln

* TNK-BP buying stakes in two oil fields, upgrader

* Projects are majority owned by Venezuela’s PDVSA

CARACAS, Oct 27 (Reuters) - The sale of BP’s (BP.L)(BP.N) assets in Venezuela to Russia’s TNK-BP TNBPI.RTS is valued at $800 million, the Latin American country’s Oil Minister Rafael Ramirez said on Wednesday.

“We authorized the purchase by TNK-BP of BP’s stakes ... it is an $800 million transaction that they have agreed,” Ramirez told reporters. “We are going to make all the documents to allow it to happen.”

The purchase is another step towards TNK-BP’s goal of growing outside Russia. Two of the BP assets are the light-oil producing Petroperija and Bouqeron fields, majority owned by Venezuela’s state oil company PDVSA.

BP also has a stake in the Petromonagas upgrader project, which processes tar-like Orinoco heavy crude into lighter synthetic oil that can be processed by traditional refineries.

The project holds gross reserves of 1.2 billion barrels barrels of oil equivalent.

TNK-BP is half-owned by BP, which has said it plans to sell up to $30 billion of assets over the next 18 months to pay for its Gulf of Mexico oil spill. (Reporting by Marianna Parraga; Writing by Daniel Wallis; editing by Sofina Mirza-Reid)

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