BP (NYSE:BP) Rejects Bid for Pakistan Assets

The bid from Pakistan Petroleum Ltd. (PPL) and Oil & Gas Development Co. (OGDC) for BP's (NYSE:BP) Pakistan assets was informally rejected by the oil giant.

BP had announced in July that it was going to put its Pakistani assets up for sale to raise capital to build up its liability fund related to the Gulf oil spill.

There were apparently other bids on the table, and they were obviously more attractive than the one offered by the two largest exploration companies based in Pakistan.

So far BP has raised approximately $21 billion to pay out liabilities. Their goal is to raise up to $40 billion for that purpose, although it could be slightly lower than that.

BP closed Friday at $43.24, up $0.45, or 1.05 percent.