BP shares gain despite Abu Dhabi project delay

 
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BP shares climbed to their highest level in almost eight months yesterday on enthusiasm for its deal with Russia’s state-owned oil giant Rosneft.

The rise came in spite of news that a $2.2bn (£1.4bn) joint venture between BP and Masdar to build a hydrogen power plant has been delayed pending approval from the Abu Dhabi government. The stock gained 1.66 per cent to close at 509p yesterday – the firm’s highest share price since it capped the Gulf spill on 27 May.

BP holds a 40 per cent stake in the hydrogen power project, which is linked to carbon capture and storage.

BP said in a statement that it and Masdar would redistribute resources that were intended for the project while it awaits the green light from the government, which reportedly has problems with the sale price of the energy produced by the venture.