UK Govt Declines To Comment On Reported BP Contingency Plans

6th Jul 2010 11:29

LONDON (Dow Jones)--U.K. Prime Minister David Cameron's spokesman declined to comment Tuesday on a report that government departments were preparing a contingency plan in case of the collapse of U.K. oil giant, BP PLC. Asked about a report in the Times, suggesting the Treasury and the Business department were drawing up contingency plans, the spokesman said; "If they are happening, we would never comment on them". He also declined to comment on whether the government would have any concerns if a sovereign wealth fund were looking to take a stake in the company. Prime Minister Cameron and Energy Secretary Chris Huhne are set to discuss BP's future with U.S. officials during a July 20 trip to Washington, the Times reported. On Monday, BP's shares marched higher, gaining 3.5% after Shokri Ghanem, chairman of Libya's National Oil Co. said he will recommend that the Libyan Investment Authority, the North African state's sovereign-wealth fund, buy shares in BP. Given the rising costs related to the spill--already topping $3 billion--BP could benefit from a strategic investment by a sovereign-wealth fund. Such an investment might also ease its path to raising the $20 billion it has pledged to a fund for spill claims. -By Laurence Norman and Joe Parkinson, Dow Jones Newswires, +442078429291, [email protected] (END) Dow Jones Newswires July 06, 2010 06:29 ET (10:29 GMT)