"Hayward flies to Arab Emirates to seek bailout."
BP’s embattled CEO flew to the wealthy emirate of Abu Dhabi to meet officials amid speculation the oil giant is looking to raise cash to cover clean up costs from the Gulf of Mexico oil spill.
Chief Executive Tony Hayward arrived in the Emirati capital Tuesday and would be staying “a couple of days,” BP spokesman Andrew Gowers said. He would not say whether Hayward planned to sit down with the region’s powerful investment funds, which have provided needed cash to Western multinationals in past times of crisis. “He’s visiting partners as he does from time to time. He’s conducting normal business,” Gowers said.
The Financial Times writes that an “official in the Gulf familiar with BP’s discussions” said “there have been communications between the group and investors in the region since the oil spill in the Gulf of Mexico, describing them as an ‘immunisation strategy’ as BP looks to its future.” Additionally, the Saudi paper “Al-Eqtisadiah reported Wednesday that a delegation of Saudi investors was headed to London to discuss an acquisition of up to 15 percent of BP.”