The Angolan unit of troubled U.K.-listed oil giant BP PLC (BP) has launched a syndication arranged by BNP Paribas SA (BNP.FR) and Standard Chartered PLC (STAN.LN) to obtain a $3 billion term loan facility secured against crude oil sales from offshore fields, the banks said Monday.

The facility for BP Angola is a five year amortizing term loan maturing on 30 June 2015 , the banks said in a joint statement.

Syndication of the facility will be launched on Aug. 16 with commitments due on Sept. 13 and signing of the new commitments scheduled to take place before the end of September, the banks said.

BP is on a drive to strengthen its liquidity position through credit lines and asset sales to offset up to $31 billion in costs related to the Gulf of Mexico oil spill.
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