BP sells off Canadian assets

BP has agreed to sell its Canadian natural gas liquids business to Plains All American Pipeline for $1.67bn, as it seeks to raise $45bn to pay for last year’s Gulf of Mexico oil spill. The business, which includes pipelines and processing stations that remove valuable crude-like liquids from gas, owns or has rights to more than 2,600 miles of pipeline systems and 21m barrels of storage capacity. The BP transaction is expected to be completed by the end of the first half of 2012. BP was advised on the sale by Credit Suisse, while Barclays Capital advised Plains. BP chief executive Bob Dudley said Canada remains an important region for the company’s portfolio.