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Tue 13 Jul 2010 04:18 PM

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Abu Dhabi mulls BP investment - Crown Prince

Sheikh Mohammed bin Zayed Al Nahyan says emirate is 'thinking about it'.

Abu Dhabi mulls BP investment - Crown Prince

Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan has said the emirate is considering making an investment in BP.

“We are still thinking about it,” he said in an interview in Abu Dhabi on Tuesday, when asked about potentially buying a stake in the London-based oil producer. “We are looking across the board. We have been partners with BP for years.”

BP CEO Tony Hayward said on July 7 that he had a “very good” meeting with the crown prince as analysts said the oil producer may be looking for support from Middle East investors. BP shares have gained 26 percent since the start of July as the company gets closer to containing its leaking well in the Gulf of Mexico, the worst oil spill in US. history.

“We would welcome any investor buying or increasing their stake,” said Robert Wine, a spokesman for BP in London. He declined to comment on Abu Dhabi in particular.

BP rose for a second day in London trading today, gaining as much as 5.2 percent to trade at 414 pence as of 12:43 p.m. local time. The stock is down 37 percent since the April 20 accident in the Gulf that killed 11 workers and started the spill.

BP yesterday installed a new cap on the well that may be able to stop the flow of oil until relief wells can plug it permanently. It will start testing pressure in the well today, Doug Suttles, chief operating officer for exploration and production, told reporters on Tuesday.

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