Hayward meets Abu Dhabi crown prince over BP’s future
BP’S embattled chief executive Tony Hayward yesterday met with Abu Dhabi’s Crown Prince Mohammed bin Zayed Al Nahyan amidst suggestions the oil rich country could buy a stake as high as 10 per cent in the oil major.
The group would not be drawn on the exact details of the conversation but sources suggested the meeting had gone well.
A spokesman said Hayward was in the region meeting with BP’s strategic partners and investors.
In parallel to Hayward’s travels, head of refining and marketing Iain Conn travelled to China this week.
It is thought that the move by senior executives is part of a security measure to avoid a takeover attempt by a rival company. The thinking is that an investment by a sovereign fund in the existing shares of BP would boost the company’s depressed share price. A BP spokesman said the group has no intention of issuing new shares, which at this stage rules out a Barclays-style financial restructuring.
Barclays, in the teeth of the credit crunch, raised £4.5bn by issuing new shares to sovereign investors.