BP Gets Approval From Venezuela To Discuss Asset Sales

BP (NYSE: BP), Europe's second-largest oil company by market value, has received permission from Venezuela's government to discuss the sale of the British oil giant's assets in the oil-rich South American country.

In August, Venezuelan officials said BP would need the approval of President Hugo Chavez's administration to sell its minority stakes in two exploration and production joint ventures with Venezuela 's state oil company PDVSA.

The assets are valued at between $850 million and $1 billion, according to the Associated Press. BP is looking to sell $30 billion in assets to raise cash to pay for the Gulf of Mexico oil spill.

PDVSA may be interested in acquiring the assets from BP, the AP reported citing Venezuelan Oil Minister Rafael Ramirez.