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BP Announces Divestment Plans, Few Details

Published On: Oct 31 2013 12:31:02 PM AKDT
BP Announces Divestment Plans, Few Details
JUNEAU, Alaska -

BP plc announced plans this week to divest $10 billion in assets before the end of 2015.

But spokesman Robert Wine said by email he has received no guidance on where those assets might be, or which part of BP's business would be affected.

BP is a major player in Alaska's oil industry and is among the companies pursuing a major natural gas pipeline project in the state.

The company, in a release, said proceeds from the divestments are expected to be used predominantly for additional shareholder distributions.