The potential IPO would structure the assets as a master-limited partnership (MLP), a frequently used corporate structure for pipeline companies.
The plan, first considered about five years ago, was shelved when oil prices declined sharply in 2014, according to one person familiar with the earlier talks. Both BP and its underwriters have retained advisors to explore the sale, the person said.
Media reports in 2015 said BP America was trying to sell North American pipelines and gas storage assets. A deal did not materialize. Last year, BP approached Enbridge Inc
Rival Royal Dutch Shell Plc
Independent refiners like Valero Energy Corp
If successful, the deal would be one of the largest initial public offerings of the year, the person said, speaking on the condition of anonymity as the talks were private.
BP did not comment on the details or valuation of the potential transaction beyond the press release.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)