BP meets in Abu Dhabi

BP CEO Tony Hayward met with officials from the Abu Dhabi Investment Authority (ADIA) during a routine visit.

Speculation of a stake purchase by a Middle East or Asian sovereign wealth fund gains ground, if BP wants to prevent a takeover after the financial beating they are taking from the oil spill in the Gulf of Mexico. Some say Saudi investors are seeking 10 to 15 percent of  BP.

Hayward said he was merely there to meet with investors.

BP has committed a $20 billion fund for the clean up and costs have already reached $3 billion. Analysts say BP’s stock may have found the floor. BP rose 9% in New York trade and reached their highest point since June 21st in London.

Tar balls have reached Texas, which means every gulf state has been touched by the disaster.


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Posted on July 7, 2010, in Energy, Global Biz and tagged , , , , , . Bookmark the permalink. Leave a comment.

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