Jul 08 2010 |
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BP chief visits ADIA amid investor rumours
The boss of BP has been meeting with officials from an Abu Dhabi state fund as hopes for fresh investment and progress towards closing a leaking US oil well lifted the firm's battered shares.A UAE official said chief executive Tony Hayward had met officials from Abu Dhabi Investment Authority ( ADIA ) during a routine visit. He spoke as speculation mounted of a stake purchase by a Middle East or Asian sovereign wealth fund to help BP ward off takeovers and pay the rising costs of the worst oil spill in US history. One report said Saudi investors were looking to buy up to a 15 per cent stake.
The UAE official said Hayward's visit was a scheduled one mainly for discussion of BP 's concessions with Abu Dhabi National Oil Company (Adnoc).
Abu Dhabi's International Petroleum Investment Company (IPIC), is not interested in buying a stake, while an ADIA spokesman declined to comment.
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