BP counters rumours around Argentine deal

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By News Wires

 30 September 2011 19:19 GMT

BP said Friday a plan to sell its stake in Argentina-based oil and gas group Pan American Energy to Bridas, half-owned by China's CNOOC, for $7 billion was still on, countering a prior report that Argentine opposition could scupper it.

A Bloomberg report said the deal was at risk of collapse due to opposition from Argentine politicians, citing a person with knowledge of the matter.

Reuters reported that BP declined to repeat earlier guidance that the deal would be concluded in 2011, but said it saw no barrier to a sale.

"Deals of this scale take time to finalise with competition authorities -- we are working with the other shareholders in PAE to secure competition approvals and complete the deal," David Nicholas, director of group media, said.

"We remain optimistic that these approvals will…

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