June 16, 2016 / 3:21 PM / 3 years ago

BP unlikely to invest in Saudi Aramco IPO: CEO

BP logo is seen at a fuel station of British oil company BP in St. Petersburg, October 18, 2012. REUTERS/Alexander Demianchuk/Files

MOSCOW (Reuters) - Oil major BP Plc (BP.L) is unlikely to invest in Saudi Aramco’s IPO, Chief Executive Bob Dudley told reporters at the St Petersburg International Economic Forum on Thursday.

“It’s unlikely we would be a financial investor in Saudi Aramco,” he said.

Dudley also said the global oil industry needed to readjust its costs based on an oil price of around $50 per barrel.

Reporting by Katya Golubkova and Dmitri Zhdannikov; Editing by Jack Stubbs

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