Saudi rumour Drives BP Shares Even Higher

Saudi Arabia

Will BP be bailed out with a strategic investment from Abu Dhabi or Kuwait?

Turns out the white knight could actually be Saudi:

Reuters:

A delegation of Saudi investors will be heading to London for direct talks with BP, said al-Eqtisadiyah, the main business daily in the top oil exporter.

It did not reveal its sources or names of the investors, saying only some of the delegation members were from the energy industry.

Apparently they could buy a 10 – 15% stake in BP. BP shares in London are once again outperforming European markets, with BP up about 1% while the FTSE is down 1%. Note that BP’s relief well in the Gulf is also said to be one week ahead of schedule, according to reports from U.S. government officials yesterday.

It now looks as though BP shared troughed in June:

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