BP Boss In UAE Amid Speculation

Tony Hayward, the chief executive of British oil giant BP, is visiting the United Arab Emirates (UAE) apparently in a bid to raise cash to pay for the clean up in the aftermath of the Gulf of Mexico oil spill. Andrew Gowers, a BP spokesman, said that Hayward, who arrived in Abu Dhabi on Tuesday, would be staying in the Emirati capital for "a couple of days". He, however, 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. But Haywayd's visit comes amid reports that BP had been seeking the support of foreign sovereign wealth funds (SWF) following the collapse of its share price which increased the risk of possible takeover bids by rival companies. Hayward reportedly held talks with Mohammad bin Zayed al-Nahayan, Abu Dhabi's crown prince, where they discussed the possibility of the oil-rich emirate taking a 10 per cent equity stake in BP.