Algeria mulls offer for BP assets

ALGERIA is considering snapping up assets oil giant BP wants to sell in the country, before it allows another firm to buy them.

Russian oil company TNK-BP wants to buy BP’s assets in Algeria, which include stakes in two major gas-producing fields, but Algerian state energy firm Sonatrach has the right of first refusal.

BP’s Algerian interests are among a number of assets around the globe it has put up for sale to help pay for the Gulf of Mexico oil spill earlier this year.

BP is one of the biggest foreign investors in Algeria’s energy sector. The North African OPEC member supplies about 20 per cent of Europe’s natural gas.