Unnamed investors from Saudi Arabia are interested in purchasing a stake of 10 to 15 percent in the British oil company British Petroleum (BP), Saudi media reported on Wednesday.
A delegation of Saudi investors is preparing to travel to London for direct negotiations with BP, writes the leading business daily in Saudi Arabia, al-Eqtisadiya. The paper does not cite sources or name the investors, only noting that some members of the delegation are from the energy industry. The report follows the announcement of a meeting between BP’s chief Tony Hayward and investors and officials from the oil industry of the United Arab Emirates (UAE) in Abu Dhabi. An unnamed senior official from the UAE told Reuters on Tuesday that BP has approached state stabilization funds to secure a strategic investor for potential defense against a hostile takeover while addressing months-long severe issues related to the oil spill in the Gulf of Mexico. BP’s shares have halved in market value since April 20 when an explosion at underwater oil wells caused a massive oil spill. BP hopes to raise $10 billion from asset sales this year as part of plans to finance a $20 billion fund established for pollution cleanup. (H)
