BP sues over collapsed Bridas deal

BP fires back: Suit concerns collapsed asset sale

AP/Scanpix

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By News wires

 23 April 2012 18:18 GMT

BP has taken a legal case seeking to clarify the status of mutual interest agreements and an associated $700 million termination fee tied to its collapsed $7.06 billion asset sale to Argentina's Bridas.

The lawsuit stemmed from the November 2011 collapse of BP's plan to sell its 60% stake in crude oil producer Pan American Energy to Bridas, which owns the remainder and is Argentina's second-largest oil and gas company.

Bridas is half-owned by Chinese oil giant CNOOC.

BP has asked a federal court to uphold the termination clauses of the collapsed deal meaning it would pay Bridas $700 million and related mutual interest agreements would no longer be valid.

The company also asked the judge to rule that Bridas is not entitled to the $700 million…

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