BP's Hayward in talks with Abu Dhabi to lead new firm

Tony Hayward has held talks with Abu Dhabi's sovereign wealth fund about launching a new oil company, which could mark a remarkable turnaround for the former chief executive of BP.

Mr Hayward stepped down four months ago after the Gulf of Mexico oil disaster, but the fund's representatives approached him in recent weeks about building a new global oil and gas group. It is thought the emirate will fund the new venture to the tune of several billion dollars.

The overtures to Mr Hayward come at time of mounting fears over the impact of soaring oil prices, which surged past $100 (£62) a barrel last week.

Mr Hayward is reported to have a strong relationship with Mohammed bin Zayed bin Sultan Al Nahyan, the crown Prince of Abu Dhabi, which has one of the largest sovereign wealth funds in the world with an estimated value of $800bn. It owns investments that include a minority shareholding in Ferrari, and ports, aerospace and renewable energy firms.

Mr Hayward has also been linked to joining the board of Glencore, the world's largest commodities trader. But as BP's chief executive he was vilified in the US for the way the company responded to the Deepwater Horizon oil spill in the Gulf of Mexico. BP reported its first annual loss in over 20 years last week.

Meanwhile, two of the three judges needed to settle the dispute between BP and its Russian partners are appointed, but the arbitration process is now not expected to start until next week.

BP and the Alfa-Access-Renova (AAR) consortium, which each hold a half-share in TNK-BP, have locked horns over BP's plans for a $10bn deal with Russia's state-owned Rosneft oil company, including a share-swap and plans to explore for oil in the Kara Sea, part of the Arctic Ocean.

London's High Court last week upheld an injunction from AAR claiming the Rosneft deal violates a shareholder agreement specifying that all shareholders' Russian activities go before the TNK-BP board and calling for all movement on the deal, announced in January, to cease pending a resolution.

The court judgment sets an initial expiration date of 25 February for the injunction, although that may be prolonged if an agreement is not reached. The AAR-selected and BP-selected judges have been appointed; the two must now agree on a third colleague to join the group.

Start your day with The Independent, sign up for daily news emails
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Retirement Coordinator - Financial Services

Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...

Recruitment Genius: Annuities / Pensions Administrator

Negotiable: Recruitment Genius: You will be the first point of contact for all...

Ashdown Group: HR, Payroll & Benefits Officer - Altrincham - up to £24,000.

£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...

Ashdown Group: Learning and Development Programme Manager

£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...

Day In a Page

The saffron censorship that governs India: Why national pride and religious sentiment trump freedom of expression

The saffron censorship that governs India

Zareer Masani reveals why national pride and religious sentiment trump freedom of expression
Prince Charles' 'black spider' letters to be published 'within weeks'

Prince Charles' 'black spider' letters to be published 'within weeks'

Supreme Court rules Dominic Grieve's ministerial veto was invalid
Distressed Zayn Malik fans are cutting themselves - how did fandom get so dark?

How did fandom get so dark?

Grief over Zayn Malik's exit from One Direction seemed amusing until stories of mass 'cutting' emerged. Experts tell Gillian Orr the distress is real, and the girls need support
The galaxy collisions that shed light on unseen parallel Universe

The cosmic collisions that have shed light on unseen parallel Universe

Dark matter study gives scientists insight into mystery of space
The Swedes are adding a gender-neutral pronoun to their dictionary

Swedes introduce gender-neutral pronoun

Why, asks Simon Usborne, must English still struggle awkwardly with the likes of 's/he' and 'they'?
Disney's mega money-making formula: 'Human' remakes of cartoon classics are part of a lucrative, long-term creative plan

Disney's mega money-making formula

'Human' remakes of cartoon classics are part of a lucrative, long-term creative plan
Lobster has gone mainstream with supermarket bargains for £10 or less - but is it any good?

Lobster has gone mainstream

Anthea Gerrie, raised on meaty specimens from the waters around Maine, reveals how to cook up an affordable feast
Easter 2015: 14 best decorations

14 best Easter decorations

Get into the Easter spirit with our pick of accessories, ornaments and tableware
Paul Scholes column: Gareth Bale would be a perfect fit at Manchester United and could turn them into serious title contenders next season

Paul Scholes column

Gareth Bale would be a perfect fit at Manchester United and could turn them into serious title contenders next season
Inside the Kansas greenhouses where Monsanto is 'playing God' with the future of the planet

The future of GM

The greenhouses where Monsanto 'plays God' with the future of the planet
Britain's mild winters could be numbered: why global warming is leaving UK chillier

Britain's mild winters could be numbered

Gulf Stream is slowing down faster than ever, scientists say
Government gives £250,000 to Independent appeal

Government gives £250,000 to Independent appeal

Donation brings total raised by Homeless Veterans campaign to at least £1.25m
Oh dear, the most borrowed book at Bank of England library doesn't inspire confidence

The most borrowed book at Bank of England library? Oh dear

The book's fifth edition is used for Edexcel exams
Cowslips vs honeysuckle: The hunt for the UK’s favourite wildflower

Cowslips vs honeysuckle

It's the hunt for UK’s favourite wildflower
Child abuse scandal: Did a botched blackmail attempt by South African intelligence help Cyril Smith escape justice?

Did a botched blackmail attempt help Cyril Smith escape justice?

A fresh twist reveals the Liberal MP was targeted by the notorious South African intelligence agency Boss