Financial institutions in the Middle East are considering a strategic investment in BP, the oil giant racked by problems caused by the oil spill in the Gulf of Mexico - The National is reporting.
According to The National, Middle East sovereign wealth funds (SWFs) have a record of support for big western companies in trouble. During the credit crisis, the SWFs of Qatar and Abu Dhabi took stakes in western banks such as Citigroup and Barclays. BP has a long history in the Gulf, having begun life as the Anglo-Persian Oil Company. In the 1980s, the Kuwait Investment Authority took a large stake in BP as the prelude to a possible full takeover that was eventually blocked by the British government.
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The full National article follows
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