BP’s boss met officials from an Abu Dhabi state fund on Wednesday as hopes for fresh investment and progress toward closing a leaking U.S. oil well lifted the company’s battered shares.

A United Arab Emirates official said Chief Executive Tony Hayward had met officials from Abu Dhabi Investment Authority (ADIA) during a routine visit.

He spoke as speculation mounted of a stake purchase by a Middle East or Asian sovereign wealth fund to help BP ward off takeovers and pay the rising costs of the worst oil spill in U.S. history.

The UAE official, speaking on condition of anonymity, said Hayward’s visit was a scheduled one mainly for discussion of BP’s concessions with Abu Dhabi National Oil Company (ADNOC).