Tony Hayward of CEO of BP is now trying to marshal new funds from the middle east. He is looking to the Gulf as a way to help pay for the cleanup operation of what is being called the worst oil spill in the history of the U.S.
On Wednesday Hayward met with an Abu Dhabi state investment fund and it has been rumored that Saudi investors are also looking at buying a 10 to 15 % of BP. The cash is needed now by BP to help ward off takeover bids in addition to paying for the oil spill clean up efforts, now estimated to amount to over US$33 billion.
Since the explosion of the Deepwater Horizon rig in April BP's share price has plummeted and many commentators regard middle eastern investors and sovereign funds as likely suitors for BP who view long term investments in the company as a future pay day.
The ban imposed by President Obama on deep water drilling has not helped the cause of BP.