Posted in | News | Natural Gas | Mining Business

BP Looks to Middle East for Funds

By Joel ScanlonJul 7 2010

Tony Hayward of CEO of BP is now trying to marshal new funds from the middle east. He is looking to the Gulf as a way to help pay for the cleanup operation of what is being called the worst oil spill in the history of the U.S.

On Wednesday Hayward met with an Abu Dhabi state investment fund and it has been rumored that Saudi investors are also looking at buying a 10 to 15 % of BP. The cash is needed now by BP to help ward off takeover bids in addition to paying for the oil spill clean up efforts, now estimated to amount to over US$33 billion.

Since the explosion of the Deepwater Horizon rig in April BP's share price has plummeted and many commentators regard middle eastern investors and sovereign funds as likely suitors for BP who view long term investments in the company as a future pay day.

The ban imposed by President Obama on deep water drilling has not helped the cause of BP.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

APA
Scanlon, Joel. (2019, March 19). BP Looks to Middle East for Funds. AZoMining. Retrieved on November 22, 2024 from https://www.azomining.com/News.aspx?newsID=110.
MLA
Scanlon, Joel. "BP Looks to Middle East for Funds". AZoMining. 22 November 2024. <https://www.azomining.com/News.aspx?newsID=110>.
Chicago
Scanlon, Joel. "BP Looks to Middle East for Funds". AZoMining. https://www.azomining.com/News.aspx?newsID=110. (accessed November 22, 2024).
Harvard
Scanlon, Joel. 2019. BP Looks to Middle East for Funds. AZoMining, viewed 22 November 2024, https://www.azomining.com/News.aspx?newsID=110.