Source Pravda.Ru

BP To Pay $20 Billion To Compensate Oil Spill Damage

The Obama administration and BP reached an agreement yesterday under which the company will place $20 billion in an escrow account to pay damage claims resulting from the oil spill in the Gulf of Mexico.

The company, whose chairman announced yesterday that it would not pay dividends to shareholders for the rest of the year, will also contribute $100 million to a fund that supports unemployed oil workers, Boston Globe reports.

"BP's package agreed with President Obama should cool the politic heat and provide some degree of comfort to equity and bond markets, shareholders and businesses/residents in (the Gulf of Mexico) affected by the Deepwater Horizon accident," Evolution Securities said Thursday in a research note.

"The $20 billion claims fund draws a line in the sand (of sorts). It doesn't cap BP's liabilities nor cover fines and penalties but does clarify how BP will settle legitimate claims and cleanup costs."

BP will pay $3 billion into an escrow account in the third quarter of this year and another $2 billion in the fourth quarter. This will be followed by payments of $1.25 billion per quarter until the $20 billion has been paid in, BP said in a statement, according to Wall Street Journal.

Any society which permits shocking acts of cruelty to animals is one without morals, without values, one of sub-human parasites. Reader discretion advised.

Yulin, China: Where dogs are tortured to death and eaten

Any society which permits shocking acts of cruelty to animals is one without morals, without values, one of sub-human parasites. Reader discretion advised.

Yulin, China: Where dogs are tortured to death and eaten

Any society which permits shocking acts of cruelty to animals is one without morals, without values, one of sub-human parasites. Reader discretion advised.

Yulin, China: Where dogs are tortured to death and eaten
Comments
Russia introduces additional duties on imports of US goods
Russia introduces additional duties on imports of US goods
Russians start protesting against retirement age law
Russia considers changing national anthem to 'God save the Tsar!'
Russia may voluntarily return Crimea to Ukraine
Russia may voluntarily return Crimea to Ukraine
Yulin, China: Where dogs are tortured to death and eaten
Russia may voluntarily return Crimea to Ukraine
Can the World Cup change the world?
The West persistently pesters former USSR with regime changes and revolutions
Ukraine's Yulia Tymoshenko's new look raises many questions
Ukraine's Yulia Tymoshenko's new look raises many questions
Ukraine's Yulia Tymoshenko's new look raises many questions
Attempts to blame Russia for MH17 disaster continue zealously
Attempts to blame Russia for MH17 disaster continue zealously
The West persistently pesters former USSR with regime changes and revolutions
Attempts to blame Russia for MH17 disaster continue zealously
Attempts to blame Russia for MH17 disaster continue zealously
Attempts to blame Russia for MH17 disaster continue zealously
Yulin, China: Where dogs are tortured to death and eaten
Ukraine's Yulia Tymoshenko's new look raises many questions