BP recovers $1.0 bln Gulf oil spill costs: firm

20th May 2011, Comments 0 comments

BP said on Friday it had recovered $1.065 billion (744 million euros) in costs linked to last year's devastating Gulf of Mexico oil spill from a US subsidiary of Japanese trading house Mitsui & Co.

"BP announces settlement... of claims between the companies related to the Deepwater Horizon accident," the British energy group said in a statement.

"Under the settlement agreement, MOEX USA Corporation ... will pay BP $1.065 billion."

MOEX USA Corporation has a stake in the Macondo well where a leak in 2010 triggered an environmental catastrophe on the Gulf coast.

The leak was triggered by an explosion on the BP-leased Deepwater Horizon rig in the US Gulf of Mexico. The blast killed 11 workers, caused millions of barrels of oil to spew into the sea and left the British company scrambling to meet huge compensation costs.

© 2011 AFP

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