Hayward takes BP's charm offensive to Abu Dhabi

Tony Hayward, the embattled chief executive of BP, was in Abu Dhabi yesterday to reassure "key partners" of the company's long-term health, and to drum up investment in its depressed stock.

The energy company has ruled out a rights issue to help pay for cleaning up the oil spill still spreading across the Gulf of Mexico. But speculation that sovereign wealth funds, particularly those in the Middle East, might buy into the beleaguered company helped to push up its share price this week for the first time since the fatal explosion on the Deepwater Horizon rig off Louisiana on 20 April. The stock has dropped by more than 40 per cent since the disaster but the shares ticked up by another 4.79 per cent to 362p last night, taking the rises to more than 12 per cent this week.

During his Abu Dhabi visit, Mr Hayward met Crown Prince Mohammed bin Zayed al-Nahyan and BP staff. His charm offensive has already taken him to Russia and Azerbaijan in recent weeks, and he is expected to visit other key oil markets such as Egypt and Angola in the near future.

BP's stock is also seeing a boost from rumours that a relief well being drilled to ease the pressure of the leak from Deepwater Horizonmay be completed ahead of the original August target. However, BP refused to confirm this suggestion yesterday, maintaining that although the scheme was progressing well, it was too soon to revise the completion date.

Malcolm Graham-Wood, a director at Westhouse Securities, said: "A strategy of buying some stock at the recent lower levels is a wise insurance policy... however, further delays due to weather or other problems cannot be ruled out and the idea that buying stock at these levels is a risk-free activity should be treated with some suspicion."

Start your day with The Independent, sign up for daily news emails
ebooksAn unforgettable anthology of contemporary reportage
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

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

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Digital Optimisation Executive - Marketing

£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...

Recruitment Genius: Financial Reporting Manager

£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...

Recruitment Genius: Payments Operations Assistant

£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...

Recruitment Genius: Telephone Debt Negotiator

£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...

Day In a Page

Sepp Blatter resignation: The beginning of Fifa's long road to reform?

Does Blatter's departure mean Fifa will automatically clean up its act?

Don't bet on it, says Tom Peck
Charles Kennedy: The baby of the House who grew into a Lib Dem giant

The baby of the House who grew into a Lib Dem giant

Charles Kennedy was consistently a man of the centre-left, dedicated to social justice, but was also a champion of liberty and an opponent of the nanny-state, says Baroness Williams
Syria civil war: The harrowing testament of a five-year-old victim of this endless conflict

The harrowing testament of a five-year-old victim of Syria's endless civil war

Sahar Qanbar lost her mother and brother as civilians and government soldiers fought side by side after being surrounded by brutal Islamist fighters. Robert Fisk visited her
The future of songwriting: How streaming is changing everything we know about making music

The future of songwriting

How streaming is changing everything we know about making music
William Shemin and Henry Johnson: Jewish and black soldiers receive World War I Medal of Honor amid claims of discrimination

Recognition at long last

Jewish and black soldiers who fought in WWI finally receive medals after claims of discrimination
Beating obesity: The new pacemaker which helps over-eaters

Beating obesity

The new pacemaker which helps over-eaters
9 best women's festival waterproofs

Ready for rain: 9 best women's festival waterproofs

These are the macs to keep your denim dry and your hair frizz-free(ish)
Cycling World Hour Record: Nervous Sir Bradley Wiggins ready for pain as he prepares to go distance

Wiggins worried

Nervous Sir Bradley ready for pain as he prepares to attempt cycling's World Hour Record
Liverpool close in on Milner signing

Liverpool close in on Milner signing

Reds baulk at Christian Benteke £32.5m release clause
On your feet! Spending at least two hours a day standing reduces the risk of heart attacks, cancer and diabetes, according to new research

On your feet!

Spending half the day standing 'reduces risk of heart attacks and cancer'
With scores of surgeries closing, what hope is there for the David Cameron's promise of 5,000 more GPs and a 24/7 NHS?

The big NHS question

Why are there so few new GPs when so many want to study medicine?
Big knickers are back: Thongs ain't what they used to be

Thongs ain't what they used to be

Big knickers are back
Thurston Moore interview

Thurston Moore interview

On living in London, Sonic Youth and musical memoirs
In full bloom

In full bloom

Floral print womenswear
From leading man to Elephant Man, Bradley Cooper is terrific

From leading man to Elephant Man

Bradley Cooper is terrific