Business news in brief: BP to sell stake in Pan American

BP to sell stake in Pan American

london

BP PLC is selling its 60 percent stake in Argentina-based oil and gas producer Pan American Energy for $7.06 billion as part of its strategy to sell of tens of billions of assets to help pay for the massive oil spill in the Gulf of Mexico.

The British oil giant said Sunday that Argentina’s Bridas Corp., which already owns 40 percent of Pan American, will buy out BP’s stake. The deal is expected to be completed in the first half of 2011.

Chavez seeks cash, looks to sell Citgo

caracas, venezuela

President Hugo Chavez is promising to build new public housing complexes, boost social programs and renovate the long-neglected Caracas subway — and he needs money.

The ambitious plans will squeeze Venezuela’s coffers at a time when oil earnings have slipped and Chavez is sending his foreign allies generous amounts of crude on credit. So he has raised a possibility that once seemed remote: selling off Venezuela’s U.S.-based oil company, Citgo Petroleum Corp.

Officials: Dubai won’t need a new bailout

dubai, united arab emirates

Dubai’s top fiscal officials said Sunday the indebted city-state will likely not need another bailout, but noted that cash-boosting proposals such as asset sales and offering shares in state-run companies are under consideration.

The comments were part of a rare show-and-tell by Dubai’s financial braintrust to claim they have a handle on the debt crunch in the one-time Gulf boomtown.

To underscore the importance of the message, the group was joined midway through the presentation by Dubai’s ruler Sheik Mohammed bin Rashid Al Maktoum, who was personally humbled by the need last year for a $10 billion bailout by his oil-rich neighbor Abu Dhabi.

But a senior fiscal adviser, Ahmed Humaid Al Tayer, said he does not foresee the need for Abu Dhabi to come to the rescue again.

Vindicator wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .62, 21.81 .13

Avalon Holdings,2.800.00

Clear Channel, 1.75 56.27 —1.05

Cortland Bancorp, 5.100.00

Delphi Automotive, .02 0.00

Farmers Nat., .12, 3.55 0.00

First Energy, 2.20, 35.23—.12

FirstMerit Corp., .64,17.38 —.28

First Niles Financial, .32,11.86—.20

First Place Fin., 2.43.02

FNB Corp., .48,8.95—.08

General Electric, .48,15.83–.11

Motors Liquidation, .09—.02

Huntington Bank, .04, 5.56—.06

JP Morgan Chase, .20,37.55—.61

Key Corp, .04,7.51—.09

LaFarge, 14.37 —.05

Macy’s, .20, 26.00.11

Parker Hannifin, 1.08, 81.46—.83

PNC, .40,54.12—.54

RTI Intl. Metals,29.11.19

Rural/Metro, 11.79 .19

Simon Prop. Grp.,2.40,98.84—1.43

Stoneridge 13.17 .12

United Community Fin. 1.18.12

Selected prices at 4 p.m. Friday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.