Global energy giant ConocoPhilips has announced it will sell its Vietnamese business arm to South American energy firm Pereneco for $1.29 billion (£819m). The Vietnamese business has stakes in the Nam Con Son pipeline, which Pereneco will now take forward.

Al Hirshberg, senior vice president of Planning and Strategy said: “The sale of our Vietnam business unit is an important component of our $15-20 billion 2010-2012 asset divestiture program.”

Between 2010 and 2011 ConocoPhillips’ sale of assets made $10.7 billion, as well as $9.5 billion from LUKOIL share sales.