30/01/2002

BP and E.ON go ahead with Veba Oil sale

In a deal worth $2 billion BP and E.ON have agreed to sell upstream assets of Veba Oil to Petro-Canada.

BP have announced that an agreement has been reached with E.ON to go ahead with their plan to acquire a majority stake in Veba Oil with effect from February 1. The two companies separately said they have agreed in principle to sell Veba's oil and gas production subsidiary to Petro-Canada for $2 billion.

BP will pay E.ON $1.63 billion in cash and assume some $850 million of debt in return for 51 per cent and operational control of Veba Oil which owns Aral, Germany's biggest fuels retailer.

From the sale of Veba's upstream oil and gas assets to Petro-Canada, BP would receive some $1.65 billion, with the balance going to E.ON. (SP)

Related Northern Ireland Business News Stories
Click here for the latest headlines.

25 March 2004
Shell signs deal to re-enter Libya
Shell has signed a strategic deal with Libya's state-owned oil company to re-enter the Libyian oil exploration market. The landmark agreement between Shell and the National Oil Corporation of Libya coincided with a visit today to Tripoli by British Prime Minister Tony Bair who met with Libyan leader, Colonel Muammar Gaddafi.
10 June 2002
UK manufacturing goods price rise
The Office for National Statistics (ONS) have said that goods manufactured in the UK fetched slightly higher prices in May. The ONS said the price of goods leaving factory gates rose by 0.3% in May thanks to increases in tobacco, petroleum and other manufactured goods prices, however the annual rate fell to just 0.1%.
27 July 2010
BP Suffers Massive Losses
Oil giant, BP has announced record losses of £11 billion for the second quarter of the year and also announced that Chief Executive Tony Hayward will step down.
08 February 2005
BP lifts dividend by 26% on £8.7bn profits
Oil and petrochemical giant BP has reported profits of £8.7 billion ($16.2 billion) today, up 26% on the previous year, representing the biggest single increase in the group's recent history.
07 February 2006
BP profits record on high oil prices
BP has reported a 25% increase in profits for the year mainly due to the rise in crude oil prices. The oil giant reported a receord replacement cost profit for the year was $19.3 billion (£11.0bn) compared with $15.4billion (£8.7bn) in 2004.