Kuwait rules out increasing its stake in BP: official

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Kuwait has ruled out an increase in its stake in British oil giant BP, which is struggling to cap an oil spill disaster in the Gulf of Mexico, a sovereign wealth fund official told AFP on Wednesday.

"We are not currently considering increasing our stake in this company," the official said when asked about the possibility of new Kuwaiti investments in BP.

The Kuwait sovereign wealth fund currently holds a 2.8 percent stake in the British company.

The announcement comes as BP's chief executive Tony Hayward is visiting the United Arab Emirates, reportedly to seek the support of foreign sovereign wealth funds in the wake of the Gulf of Mexico oil disaster and the resulting collapse in its share price to stave off possible takeover bids by rivals.

© 2010 AFP

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