BP 2008 Annual Report Download - page 127

BP Annual Report and Accounts 2008
Notes on financial statements
7. Interest and other revenues
$ million
2008 2007 2006
Related to financial instruments
Interest income from available-for-sale financial assets 32 5 13
Dividend income from available-for-sale financial assets 37 29 32
Interest income from loans and receivables 163 175 186
232 209 231
Not related to financial instruments
Interest from loans to equity-accounted entities 115 172 176
Other interest 59 97 62
Other income 330 276 232
504 545 470
736 754 701
8. Gains on sale of businesses and fixed assets
$ million
2008 2007 2006
Gains on sale of businesses
Exploration and Production –527 –
Refining and Marketing 792 850 101
Other businesses and corporate –7 66
792 1,384 167
Gains on sale of fixed assets
Exploration and Production 34 427 2,502
Refining and Marketing 466 614 1,008
Other businesses and corporate 61 62 37
561 1,103 3,547
1,353 2,487 3,714
The principal transactions giving rise to these gains for each business segment are described below.
Exploration and Production
The group divested interests in a number of oil and natural gas properties in all three years. There were no significant divestments during 2008.
The major divestments during 2007 that resulted in gains were the disposal of an exploration and production and gas infrastructure business
in the Netherlands and the divestments of our interests in non-core Permian assets in the US and in the Entrada field in the Gulf of Mexico.
The major divestments during 2006 that resulted in gains were the sales of our interest in the Shenzi discovery in the Gulf of Mexico in
the US, interests in the North Sea and our shareholding in Enagas.
Refining and Marketing
During 2008, the major divestments that resulted in gains were the disposal of US retail assets, the contribution of Toledo refinery to a jointly
controlled entity with Husky Energy and the disposal of our interest in the Dixie Pipeline.
During 2007, the major transactions that resulted in gains were the divestment of Coryton refinery in the UK, the interest in the West Texas
Pipeline in the US and the interest in the Samsung Petrochemical Company in South Korea.
During 2006, the major transactions that resulted in gains were the divestment of the retail business in the Czech Republic and fixed assets
including the shareholding in Zhenhai Refining and Chemicals Company in China, the shareholding in Eiffage, the French-based construction company,
and pipeline assets.
Other businesses and corporate
There were no significant disposals in 2008 and 2007.
During 2006, the group disposed of its ethylene oxide business.
Additional information on the sale of businesses and fixed assets is given in Note 5.
126