BP ‘to sign major deal with China oil firm’
Baku, November 7 (AZERTAC). BP is poised to sign a major exploration deal with one of China`s biggest oil companies, Sky News sources have exclusively revealed.
Sky`s City editor Mark Kleinman said it is understood the British-based firm was hoping to complete the agreement with state-owned China National Offshore Oil Corporation.
The proposed deal involves exploring an area of the South China Sea, where the two companies have worked together in the past.
Kleinman said: "(The deal) is expected to be signed during (Prime Minister) David Cameron`s visit to China next week.
"It will be a real symbolic importance to BP because David Cameron`s presence in China when this deal is signed will be a sign that the Government is supportive of BP at a time when it`s attempting to rebuild its future after that disastrous episode in the Gulf of Mexico earlier this year."
Kleinman understood the deal had not yet been finalised but the company was working through the weekend to get it completed in time for the PM`s trip.
"But it would be a real vote of confidence in the future of BP that this major deep water exploration deal will be signed during the Prime Minister`s visit," Kleinman added.
An explosion on the Deepwater Horizon rig in the Gulf of Mexico led to an environmental disaster, with oil washing up on US shores.
Shares in BP plunged from a high of 658.2p on April 21 - the day after the blast which killed 11 workers - and hit a low of 296p at the end of June.
But BP has returned to profit in the third quarter of the year.
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