Algeria sale 'off BP agenda'

Staying in the saddle: BP intends to remain in Algeria

ANTHEA PITT

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Steve Marshall

, Steve Marshall

 07 March 2011 09:09 GMT

BP has backed off from plans to sell assets in Algeria in a blow to potential Russian buyer TNK-BP, the country's energy minister said.

The UK oil giant's decision to stay put in Algeria also represents a vote of confidence for the nation amid unrest in other parts of North Africa.

It contrasts with the company’s decision to suspend some operations and repatriate staff from neighbouring Libya, where turmoil has shut more than half of oil output.

The surprise announcement also comes after Russian joint venture TNK-BP, which is half-owned by BP, said last week it was still interested in buying the assets owned by the British company - the largest foreign oil and gas investor in…

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