Mubadala 'will look' at BP assets
Source: BI-ME with Zawya Dow Jones , Author: Posted by BI-ME staff
Posted: Thu August 5, 2010 2:10 pm

UAE. Mubadala Oil and Gas, a business unit of Mubadala Development Company, will look at BP PLC assets going on sale but is not in direct talks, a senior company official said Thursday.

"Like most oil companies that are expanding, we will be looking at what's available," David Douglas, senior vice president at Mubadala's oil and gas unit, told Zawya Dow Jones on the sidelines of an event in Abu Dhabi.

Mibadala manages a multi-billion dollar portfolio of local, regional, and international investments, projects and initiatives. Its investment classes include sectors such as energy, aerospace, real estate, healthcare, technology, infrastructure, and services.

Mubadala’s sole shareholder is the Government of Abu Dhabi.

On July 7,  Rachel Ziemba, a senior analyst who tracks sovereign wealth funds at Nouriel Roubini’s New-York based Roubini Global Economics said BP would benefit from attracting new capital by easing the pressure for rapid sales, saiP

“Raising capital gives more room for maneuver by putting less pressure for asset sales,” she said. “Buyers may demand a discount.”

Qatar’s sovereign-wealth fund and Mubadala and the International Petroleum Investment Co. in Abu Dhabi are the most likely to be interested in acquiring a BP stake, Ziemba said.

Abu Dhabi’s sovereign funds hold a combined US$500 billion, according to Roubini Global Economics.

Sovereign funds traditionally “have invested in the European and western markets in large cap names, and when you can pick up BP at 50% cheaper than its recent highs, then it makes a lot of sense for both parties,” Masud at UBS said.

RELATED ARTICLES

BP asks Kuwait Investment Authority to raise stake to 3%, says al-Anba

BP reports US$17 billion second quarter loss, confirms Hayward's departure

BP says test shuts off oil leak from well

BP delays testing new cap over leaking oil well

Abu Dhabi is considering making an investment in BP, says Sheikh Mohammed bin Zayed

Abu Dhabi reluctant to invest in BP

US gives ExxonMobil green light to 'take a look' at BP

BP in talks 'to sell Alaska oil field'

Hayward meets Abu Dhabi's Crown Prince as BP looks for support

Kuwait rules out increasing its stake in BP

Saudi investors eye 10%-15% stake in BP

BP's Hayward meets with Abu Dhabi's sovereign wealth fund

BP chief in Abu Dhabi for talks

BP approaching sovereign wealth funds over strategic stake

Kuwait Petroleum Corporation unit eyes BP Middle East, Asia assets

BP may get backing from Middle East financial institutions

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: September 26, 2016
UAE. According to The Boston Consulting Group, today, 7% of all FinTech companies in the Middle East and Africa are concentrated in the GCC.
date:Posted: September 22, 2016
INTERNATIONAL. The switch to renewable energy has already been flicked. Smart utilities willing to drive change will prosper - but it's going to take the turning off of a lot of old paradigms to do so.
date:Posted: September 21, 2016
QATAR. QNB Group publishes its Qatar Economic Insight September 2016 report; The report examines the outlook for the Qatari economy as it continues its strong growth based on non-hydrocarbon investment spending.
dhgate
cheap wedding dresses on Ca-Dress.com