The head of the Abu Dhabi National Oil Company (Adnoc), the state producer of oil told that any decision on renewal of contract to pump oil in the emirate would be taken by the officials by taking all pros and cons in to notice. It should be noted that the head of BP is in Abu Dhabi apparently for lobbying its contract to pump oil in the emirate.

BP, having a 9.5 per cent stake in the Abu Dhabi Company for Onshore Oil Operations (Adco) is jockeying to keep a stake in the oil business as its seven-decade long contact is all set to meet the end in 2014. The company claims to be the oldest party in the region since 1939.

Abdulla Nasser Al Suwaidi, the Adnoc Chief Executive met a British trade mission to the UAE indicated that new term and conditions would be incorporated in the revised agreement between both parties. He went on to say, "Everything is being revisited."

Bob Dudley, the UK Company's Chief Executive said, Abu Dhabi and the emirates have been important to BP for 70 years. And we'd want to continue to cooperate with people, technology."