BP shares up 5% as Libya eyes 'bargain' stake

BP shares have moved almost 5% higher this afternoon as Libya's top oil official recommended the North African country to buy into the stricken giant.

Shokri Ghanem, chairman of Libya's Nation Oil, told says the country's sovereign wealth fund - Libyan Investment Authority - should buy a strategic stake in BP to take advantage of the company's weak share price following the Gulf of Mexico disaster. "BP is interesting now with the price lower by half and I still have trust in BP. I will recommend it to the LIA," Ghanem told Dow Jones. "It's a good opportunity for bargain hunters." BP's share price is currently 4.64% higher to 336.95p.