BP CEO Tony Hayward In Abu Dhabi On Private Visit - Source

7th Jul 2010 05:47

DUBAI (Zawya Dow Jones)--BP PLC's (BP.LN) embattled chief executive Tony Hayward is in Abu Dhabi on July 7 amid ongoing speculation that the U.K. oil major is seeking the support of a Middle East investor to prevent a hostile takeover. A person familiar with Hayward's itinerary told Zawya Dow Jones that his visit to the oil-rich Persian Gulf emirate was "private". He's expected to leave today, the person added. A spokesman for the company in the United Arab Emirates was unreachable. BP tried to douse speculation Tuesday that it was looking for an investor to buy a large piece of the company, saying it wouldn't issue new stock to raise money to cover the costs of the Gulf of Mexico oil spill. Reports over the weekend suggested that BP was courting sovereign wealth funds in the Middle East including Abu Dhabi to buy new shares, enabling BP to raise about $9 billion in capital. Libya's top oil official, Shokri Ghanem, said Monday that BP was a bargain and recommended that the nation's sovereign wealth fund invest in the oil giant. BP's shares closed 3.7% higher at 346 pence in London Tuesday. -By Andrew Critchlow, Dow Jones Newswires, +9714 446 1694, [email protected] Copyright (c) 2010 Dow Jones & Co. (MORE TO FOLLOW) Dow Jones Newswires July 07, 2010 00:47 ET (04:47 GMT)