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Kuwait fund: no plans to ditch BP

Reports that KIA will hold on to stake despite oil disaster in Gulf of Mexico.

June 6, 2010 3:29 by

Kuwait’s sovereign fund is not considering exiting its investment in BP, reports Reuters.

It quotes daily Arabic newspaper al-Rai, which said the Kuwait Investment Authority currently had no fears that would prompt it to sell its 1.75 percent stake in BP. The paper was quoting sources it did not identify by name.

BP faces a criminal investigation and multiple lawsuits over the Gulf of Mexico spill, caused by an explosion on an oil rig that killed 11. Since then, between 12,000 and 19,000 barrels of oil a day have been leaking into the Gulf. The report says that BP’s share price has dropped by two thirds since the accident, but the KIA does not believe the company’s future is threatened.

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