NEW YORK — Embattled oil giant BP plans to sell some of its pipeline and oil storage assets for $289 million.
Magellan Midstream Partners LP said Tuesday it will acquire storage facilities for 7.8 million barrels of crude and more than 100 miles of active petroleum pipelines from BP's pipeline division in North America.
Analysts have expected BP to shed some of its assets to help pay for the Gulf oil spill. The company has spent more than $3 billion on cleanup and damages so far, and it has agreed to set aside another $20 billion for future damage claims.
BP spokeswoman Sheila Williams said the sale is not part of the $10 billion in exploration and production assets that the British company plans to sell over the next 12 months. The companies were negotiating the pipeline sale for several months, well before the April 20 rig explosion responsible for the oil spill, she said.
Williams said she didn't know whether the money from the Magellan sale would go toward helping to pay for the oil spill.
The deal is expected to close within 60 days.
BP shares rose 84 cents, or 2.3 percent, to $37.60 in premarket trading.