BP eyes sale of Algerian gas plant

BP (BP.L) is seeking buyers for its stake in a major Algerian gas plant deep in the Sahara desert after recent talks on a sale to Russian oil giant Rosneft failed, three industry sources told Reuters.

BP hopes to raise around $2 billion from the sale of its 45.89% stake in the In Amenas natural gas plant that was the target of a deadly attack by Islamist militants in 2013. The sale is part of a $15 billion disposal program BP is targeting by the middle of 2021, two of the sources said.

The collapse in the discussions with Rosneft, in which BP itself holds a 19.75% stake, was partly a result of Equinor’s reluctance to partner with the Russian company, which faces U.S. sanctions, the sources who were close to the discussions said.