BP has stepped up its strategy of running certain parts of its business at arm's length so that they can be more focused, efficient and better hedged against market conditions. The firm's latest move in this direction is to create Argentina's largest private-sector integrated oil and gas company through a merger deal with domestic firm Bridas, in which China's state-owned CNOOC is a 50pc shareholder. BP and Bridas have agreed to combine their respective interests in Argentinian upstream producer Pan American Energy (PAE) and domestic refiner Axion. BP owns 60pc of PAE. Bridas holds the remaining 40pc and has a 100pc stake in Axion. Ownership of the enlarged company, Pan American Energy Group (PAEG), will be split equally.
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