Oil giant BP is to sell its upstream businesses and associated interests in Venezuela and Vietnam to TNK-BP for a $1.8bn.TNK-BP, Russia's third largest oil company, is owned equally by BP and the AAR consortium, which is comprised of Alfa Group, Access Industries and Renova.The agreement covers BP's interests in the Petroperijá, Boquerón and PetroMonagas joint ventures in Venezuela and, in Vietnam, BP's 35% operating interest in the Lan Tay and Lan Do gas fields and associated pipeline and power generation interests.BP's net booked reserves associated with all these assets total some 270 million barrels of oil equivalent.The disposal is all part of BP's previously announced plan to raise $30bn through asset sales by the end of 2011, as it seeks to boost the contingency fund for financial obligations relating to the Gulf of Mexico oil spill.Since setting the $30bn target in July 2010 the company has raised $8.9bn, not including the $1.8bn for the transfer of assets to TNK-BP.Bob Dudley, recently appointed chief executive officer of BP, described the assets the company is selling as "robust businesses which offer both existing production and potential opportunities for future growth." "We believe they will offer TNK-BP a solid foundation as it builds its business outside Russia," Dudley added.Mikhail Fridman, chief executive officer of TNK-BP concurred with Dudley's view. "Given Russia's strong relationships with Vietnam and Venezuela, we are sure that this transaction will create significant value both for TNK-BP and our local partners," Fridman said. BP will retain an economic interest in these assets through its 50% stake in TNK-BP.The agreement does not affect BP's other business activities in Vietnam, including a significant lubricants blending and marketing business, nor in Venezuela.