Shares of embattled British energy giant BP Plc. surged, Wednesday, amid news that its chief executive has gone to oil-rich Middle-East sovereign state of Abu Dhabi to meet potential cornerstone investors. A successful deal would give BP the much needed cash boost and help it fend off hostile takeover bids from rivals.

BP CEO Tony Hayward was in Abu Dhabi, Wednesday, to discuss prospects of strategic partnership with Middle-East investors. The oil major, which is leading the Deepwater oil spill disaster response, is keen on meeting institutional investors who might be interested in picking up a strategic stake in the company, a BP official said, on conditions of anonymity.

However, BP spokeswoman Sheila Williams said the company is not looking to issue “new equity.” BP had earlier said it can cover the costs of the spill without having to sell new shares, which helped the stock to rally in recent days.

Williams said Hayward was in Abu Dhabi to “visiting key business partners as well as staff.” He would also be meeting top executives at state-run Abu Dhabi National Oil Co or ADNOC. BP partnered with ADNOC in a venture that dates back to the first oil concession granted in the 1930s in what is now the UAE.