BP

BP is understood to be negotiating with China National Offshore Oil Corporation (CNOOC) to sell a 60% stake in Pan America.

BP has returned to banks seeking additional short-term loans to help tackle its growing liabilities following the Gulf of Mexico oil spill.

BP has denied reports from Russia that Tony Hayward is set to stand down.

Embattled oil major BP saw its share price dive below 300p on the FTSE earlier today after the estimated cost of the Gulf of Mexico oil spill was revised upward to $2.3bn (£1.57bn).

BP has spent $2.35bn (£1.5bn) so far cleaning up the oil slick in the Gulf of Mexico, and has paid out $126m in compensation.

Invesco Perpetual head of investments Neil Woodford says it is 'reckless' to believe BP's $20bn compensation package will mark the end of the oil giant's worries.

BP is trying to raise $50bn to cover the cost of the Gulf of Mexico disaster, while the oil giant is also preparing to sue a partner in the Deepwater Horizon rig.

BP has suffered its third downgrade this week, Moody's cutting its credit rating by three notches.

Russian President Dmitry Medvedev believes the Gulf of Mexico spill could lead to the "annihilation" of oil giant BP.

Besieged BP chief Tony Hayward yesterday declared his "deep sorrow" over the Gulf of Mexico oil spill after US Congressman accused his company of "astonishing complacency" and of having a "cavalier attitude to risk".