Sector News

BP unlikely to invest in Saudi Aramco IPO – CEO

June 20, 2016

Oil major BP Plc is unlikely to invest in Saudi Aramco’s IPO, Chief Executive Bob Dudley told reporters at the St Petersburg International Economic Forum on Thursday.

“It’s unlikely we would be a financial investor in Saudi Aramco,” he said.

Dudley also said the global oil industry needed to readjust its costs based on an oil price of around $50 per barrel.

By Katya Golubkova and Dmitri Zhdannikov

Source: Reuters

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