There are several things BP (NYSE:BP) is attempting to battle at the same time as a result of the Gulf oil spill, and along with the costs of cleaning up the mess, they also must take a defensive posture against being taken over by a competitor, as well as provide more liquidity to go about their everyday business, which contrary to what most people think, extends far beyond the Gulf of Mexico.
With that in mind, BP CEO Tony Hayward has been flying around the world looking for ways to raise much-needed capital, with his primary focus seeming to be on the Middle East, which is much more welcoming to BP than most other parts of the world.
Specifically being targeted is the sovereign wealth funds of several nations with interest in BP, with the most publicly vocal being Libya, which has come out in support of an investment in BP, at least by the director of the sovereign wealth fund of Libya.
Hayward has also been flying to regions BP has a stake in in order to assure them he has no intention of selling assets they hold in those countries to raise capital.
This of course doesn't mean BP or Hayward won't sell any assets, just that those assets he isn't considering selling he's letting those concerned know about it.