Vallares, the fund they’re setting up, apparently intends to launch an IPO some time this month to fund acquisitions in the oil and gas sectors. The company’s hoping to cash in on the rising demand for energy supplies, particularly in emerging markets.
This move by Hayward is the latest step in his bid to rebuild his career after the damage done by the Gulf of Mexico disaster; he was forced to quit as BP’s chief executive amid widespread criticism of his handling of the situation. However, his knowledge of this sector is unquestionable – and he’s clearly still highly regarded by those in the know (he also sits on the board of commodities trader Glencore). Will this new venture be enough to re-establish the glowing reputation he once had in the City?