Monday, May 22, 2017

BP hands Mitsui $1.9bn spill bill

November 12, 2010 by  
Filed under Oil News

Energi ;  BP has sent a unit of Japanese trading house Mitsui a bill of about ¥150 billion ($1.9 billion) to help in the clean-up of the Gulf of Mexico oil spill.

Shares of Mitsui, which holds a 10% stake in the ruptured oil well through its unit Mitsui Oil Exploration, fell as much as 2.6% following the report, underperforming the overall market.

Millions of gallons of oil poured into the Gulf of Mexico in the world’s worst offshore oil spill, which began in April when a BP rig exploded and sank off the coast of Louisiana. The well was capped in July.

BP has been selling assets to raise cash to pay for the clean-up and compensate victims.

A Mitsui Oil Exploration official said it would announce the latest figure for requested costs from BP at 0500 GMT today, reported Reuters.

The Nikkei business daily said Mitsui is expected to turn down the payment request since the cause of the spill is not yet known and the details of the clean-up bill are not clear.

Mitsui said in August that it had received a $480 million bill from BP to help deal with the spill. Mitsui said at the time that it had not decided if it would shoulder any of the costs.

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