Middle East Oil Producers Might Consider BP Investment – to Diversify
July 29, 2010 at 00:36 AM EDT
With BP poised to move on from the Gulf oil spill with a new chief executive, the beleaguered London-based company might look attractive to Middle East sovereign wealth funds after all. It would be a parting legacy from outgoing CEO Tony Hayward if his efforts earlier this month to court the funds in Abu Dhabi and other oil-producing countries were to bear fruit. It may seem counter-intuitive at first blush that funds set up to diversify assets for oil exporters would want to invest in a major oil company. But BP, originally known as British Petroleum, has made good on its motto of recent years to go “beyond petroleum” – and it could do the same for oil producers. BP has energetically acquired assets in natural gas and renewable energy…