Troubled oil giant BP could get a reprieve from Middle East financial institutions looking to make a strategic investment in the company, a UAE-based newspaper reported on Sunday, citing informed sources.

Proposals from the region have already been submitted to BP advisers in London, sources told Abu Dhabi newspaper The National and could involve Middle Eastern investors purchasing key assets from BP, which has been hammered following a devastating oil spill in the U.S.

The paper said regional financial institutions may also give financial backing to any capital raising that BP may be considering to reinforce ITS balance sheet, following the environmental disaster, which could cost as much as $60 billion to clean up.

The report did not indicate which Middle Eastern financial firms issued the proposals or what the size of investments could be.

Regional sovereign wealth funds, such as the Qatar Investment Authority (QIA) and Abu Dhabi Investment Authority (ADIA), have supported Western companies in times of financial crisis by purchasing stakes in western banks and effectively halting declines in their share prices.

BP shares have plunged more than 50 percent since the oil spill in April. BP shares closed down at 322 pence in London on Friday.

(Reporting by Shaheen Pasha; Editing by Dinesh Nair)

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