BP to put 20 billion dollars in 3rd party fund for oil spill claims

08:45, June 17, 2010      

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British oil giant BP has agreed to put about 20 billion U.S. dollars into an escrow account for claims related to the Gulf of Mexico oil spill, after top BP executives met with U.S. President Barack Obama in the White House, media reports said on Wednesday.

During the meeting with Obama and Vice President Joe Biden, Carl-Henric Svanberg, Chairman of BP, agreed to fund the escrow account.

Obama is to make a statement later about the meeting. He said on Tuesday night he will ask BP, whose "recklessness" caused the disaster in the Gulf, to set aside "whatever resources are required" to compensate workers and business owners harmed by the oil spill. The fund is to be administered by an independent third party, "in order to ensure that all legitimate claims are paid out in a fair and timely manner."

Source: Xinhua

(Editor:燕勐)

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