British energy group BP has agreed to sell its ARCO Aluminum business to a Japanese consortium for $680m (€478m) as it seeks to meet the costs of last year's disastrous Gulf of Mexico oil spill.
'Although a strong business, ARCO Aluminum is clearly a non-strategic asset for BP,' chief executive Bob Dudley said in a statement. He described the price BP was receiving for the business as 'attractive'.
The US firm, which supplies aluminium sheets used to make beverage cans, is being bought by a consortium comprising five Japanese companies.
Sumitomo Light Metal Industries is to take a 40% stake, Furukawa Sky Aluminum 35%, Sumitomo Corporation 20%, Itochu Metals Corporation 3% and Itochu Corporation 2%.
BP is looking to unlock $30 billion by the end of 2011 to meet clean-up and compensation costs linked to last year's devastating Gulf of Mexico oil spill that was caused by an explosion on the BP-leased Deepwater Horizon platform.
The blast on April 20 killed 11 workers and sent some 4.9 million barrels of oil gushing into the Gulf over a three-month period, wreaking havoc on the region's environment and economy.
BP said today it was still on track to achieve the $30 billion target, and had entered into agreements worth $24 billion so far.
