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BP''s CEO Flies to Abu Dhabi

July 07, 2010
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The Associated Press reports BP''s CEO, Tony Hayward, 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. BP spokesman Andrew Gowers said, Hayward arrived in the Emirati capital Tuesday and would be staying a couple of days. e 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. Hayward has been criticized for his handling of the oil spill in the U.S., and in recent days traveled to other countries where BP operates to reassure the company''s partners of its commitments. BP has a long-standing partnership with the state-owned Abu Dhabi National Oil Co., which is responsible for crude oil production in the Arab emirate. The company''s shares rose earlier in the week amid reports it was reaching out to Gulf funds about investment opportunities in an attempt to fend off possible takeover bids. BP said this week it would welcome new investors but had no plans to issue any new shares to help pay for the oil spill. BP shares have lost about half their value since the Deepwater Horizon oil rig exploded in April.

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