BP (NYSE:BP) has reportedly garnered interest from a couple of companies in its Pakistani assets, which entail gas production.
Unnamed sources cited by The Times newspaper said either Premier Oil (LSE:PMO), also based in Britain, or Mubadala, the sovereign wealth fund of Abu Dhabi, are interested in making a bid. It isn't clear at this time which one it will be. Premier holds other assets in Pakistan at this time.
Included in BP's assets are exploration blocks and production fields in Sindh.
Estimated value of the assets are about $690 million, according to a UBS (NYSE:UBS) note to clients in the summer.
The bid from Premier is reportedly for the gas production side of the business, which would be about $500 million, according to the sources.
Showing posts with label Sovereign Wealth Fund. Show all posts
Showing posts with label Sovereign Wealth Fund. Show all posts
Wednesday, October 20, 2010
Wednesday, July 14, 2010
Abu Dhabi Considering Investing in BP (NYSE:BP)
After a meeting between BP (NYSE:BP) CEO Tony Hayward and crown prince of Abu Dhabi, Sheikh Mohammed bin Zayed Al Nahyan, the prince, who is on the board of the country's sovereign wealth fund, said they are still taking into consideration acquiring a piece of BP.
If Abu Dhabi, or another significant Middle East player invests in BP, it would be a nod toward the belief they're going to survive the challenge of the Gulf oil spill, and would be considered a buy at current share price.
Even though there have been much lower entry points, as BP shares have risen about 27 percent since the beginning of July, the closer they get to capping the well, the better investors will be able to more accurately project the future of the company, along with a suitable price for shares.
If BP is able to make the new containment cap work, it will be a giant step toward generating more investment, and the soon implementation of plugging the oil with a relief well over the next several weeks puts them in an even better position.
Another country asserting interest in investing in BP has been Libya.
If Abu Dhabi, or another significant Middle East player invests in BP, it would be a nod toward the belief they're going to survive the challenge of the Gulf oil spill, and would be considered a buy at current share price.
Even though there have been much lower entry points, as BP shares have risen about 27 percent since the beginning of July, the closer they get to capping the well, the better investors will be able to more accurately project the future of the company, along with a suitable price for shares.
If BP is able to make the new containment cap work, it will be a giant step toward generating more investment, and the soon implementation of plugging the oil with a relief well over the next several weeks puts them in an even better position.
Another country asserting interest in investing in BP has been Libya.
Tuesday, July 6, 2010
Libya May Buy Stake in BP (NYSE:BP)
Libya has been talking over the last couple of weeks about their interest in BP (NYSE:BP), as far as buying a stake in the company, and that seems to be increasing in tempo, as the top oil official in the country is pushing to invest in BP at these low prices.
Shokri Ghanem, who is Chairman of Libya's Nation Oil Co., has been working hard to get the Libyan Investment Authority to invest at the low price-point they could enter in now.
"BP is interesting now with the price lower by half and I still have trust in BP, I will recommend it to the LIA," Shokri Ghanem, chairman of Libya's National Oil Co.
Libya has been high on BP, and even in the current market environment like the company over the long term.
What all of those interested in the low price of BP are pondering is where they should enter the market with them. If they enter too soon, share price could plummet even much further, but if they wait until a much clearer picture of the liability of BP emerges, prices of shares in the company could shoot up it's not as high as thought.
The Libyan Investment Authority is the sovereign wealth fund of Libya.
Shokri Ghanem, who is Chairman of Libya's Nation Oil Co., has been working hard to get the Libyan Investment Authority to invest at the low price-point they could enter in now.
"BP is interesting now with the price lower by half and I still have trust in BP, I will recommend it to the LIA," Shokri Ghanem, chairman of Libya's National Oil Co.
Libya has been high on BP, and even in the current market environment like the company over the long term.
What all of those interested in the low price of BP are pondering is where they should enter the market with them. If they enter too soon, share price could plummet even much further, but if they wait until a much clearer picture of the liability of BP emerges, prices of shares in the company could shoot up it's not as high as thought.
The Libyan Investment Authority is the sovereign wealth fund of Libya.
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