Libya has been talking over the last couple of weeks about their interest in BP (NYSE:BP), as far as buying a stake in the company, and that seems to be increasing in tempo, as the top oil official in the country is pushing to invest in BP at these low prices.
Shokri Ghanem, who is Chairman of Libya's Nation Oil Co., has been working hard to get the Libyan Investment Authority to invest at the low price-point they could enter in now.
"BP is interesting now with the price lower by half and I still have trust in BP, I will recommend it to the LIA," Shokri Ghanem, chairman of Libya's National Oil Co.
Libya has been high on BP, and even in the current market environment like the company over the long term.
What all of those interested in the low price of BP are pondering is where they should enter the market with them. If they enter too soon, share price could plummet even much further, but if they wait until a much clearer picture of the liability of BP emerges, prices of shares in the company could shoot up it's not as high as thought.
The Libyan Investment Authority is the sovereign wealth fund of Libya.
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