Kuwait's KIA Mulls Upping Stake In BP To 3% - Report

2nd Aug 2010 07:28

BEIRUT (Zawya Dow Jones)--The Kuwait Investment Authority, or KIA, the country's sovereign wealth fund, doesn't intend to exit its stake in BP PLC and is considering acquiring an additional interest in the beleaguered oil giant, Kuwait-based Al Anba daily reports Monday, citing a senior KIA official. The additional stake would be limited and won't boost KIA's stake in BP to more than 3%, the unnamed official said, adding that KIA's current stake in BP amounts to 328 million shares or 1.75%. A more substantial stake would expose KIA to severe losses as BP's losses have exceeded more than $1 billion so far, the official told the paper. KIA officials couldn't be reached immediately for comment when contacted by Zawya Dow Jones Monday. BP, which is still struggling to solve its oil spill disaster in the Gulf of Mexico, needs more than $40 billion to tackle its problems, the official said, adding that KIA doesn't intend to exit its stake in BP since the oil firm still has exploration and production deals that will enable it to weather its current crisis. Newspaper website: www.alanba.com.kw/AbsoluteNMNEW/templates/economy2010.aspx?articleid=128470&zoneid=17 -By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; [email protected] Copyright (c) 2010 Dow Jones & Co. (END) Dow Jones Newswires August 02, 2010 02:28 ET (06:28 GMT)