The Hindu Business Line

BP signs $2.2-b Abu Dhabi oil deal


BP Plc cemented its 77-year relationsh­ip with Abu Dhabi by swapping about $2.2 billion of its own shares for a stake in one of the Emirate’s largest onshore oil concession­s. The UK’s second-biggest oil group will issue new ordinary shares to pay for 10 per cent of the Abu Dhabi Company for Onshore Petroleum Operations Ltd., giving the Emirate a 2 per cent holding in BP, the London-based company said in a statement. The payment in shares also helps BP preserve its own cash and maintain a balance sheet that has seen debt and leverage rise during the oil-price collapse.

Newspapers in English

Newspapers from India