BP: Won't Issue New Equity To Cover Gulf Oil Spill Costs

6th Jul 2010 09:02

LONDON (Dow Jones)--BP PLC (BP) won't issue new equity to raise money to cover the costs of the oil spill in the Gulf of Mexico, a company spokeswoman said Tuesday. BP would welcome it if any existing shareholders or new investors want to expand their holding in the company, she said. BP's shares have lost almost half their value since the Deepwater Horizon explosion that triggered the oil spill April 20. A number of press reports during the weekend suggested BP was courting sovereign wealth funds in the Middle East, which could buy new shares to raise an extra GBP6 billion in capital. Libya's top oil official, Shokri Ghanem, said Monday that BP is a bargain and recommended the nation's sovereign wealth fund invest in the oil giant. Company website: www.bp.com -By James Herron, Dow Jones Newswires; +44 (0)20 7842 9317; [email protected] (END) Dow Jones Newswires July 06, 2010 04:02 ET (08:02 GMT)