MARKET TALK: BP Deal With Apache Positive - Dolmen

21st Jul 2010 10:40

0940 GMT [Dow Jones] The sale of BP's (BP.LN) US, Canada and Egypt assets to Apache Corp (APA) is a positive development, says Dolmen Securities. It marks the beginning of BP's divestment program, which will allow it to position its balance sheet so as to absorb the fallout from the Gulf of Mexico disaster, the brokerage says. Dolmen notes BP is expected to continue this program of asset sales over the coming weeks, with the oil major announcing Tuesday that it had informed the government and staff in Pakistan and Vietnam it intends to sell the majority of its assets in those regions. Shares +3.9% at 403p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 21, 2010 05:40 ET (09:40 GMT)