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BP oil spill costs reach $2.65bn

 

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28 June 2010 TBP has said the cost of cleaning up the oil leak in the Gulf of Mexico has now reached $2.65bn (1.76bn).

The oil giant said this included the cost of the spill response, containment, relief well drilling, grants to Gulf states and claims paid The total has risen to an average of $100,000 a day over the past three days - the highest daily average so far.

The company said more than 39,000 people were now involved in the response effort. More than 80,000 claims had been submitted, BP said, and it had made 41,000 payments totalling more than $128m. BP added it was too early to quantify other potential costs and liabilities arising from the incident.

Russia visit
BP's embattled chief executive Tony Hayward will hold meetings with officials in Moscow later, including with Deputy Prime Minister Igor Sechin.

They are expected to discuss BP's operations in the country, which account for a quarter of BP's total oil production.

BP has denied speculation in recent weeks that it is planning to sell some of its Russian investments, which also include a small stake in state-run oil company Rosneft.

Earlier Mr Sechin told reporters that Mr Hayward was about to resign. The claim was quickly denied by BP.

BP's share price has more than halved since the oil disaster began in April, wiping about $90bn off the value of the company.

The company made an annual profit of nearly $14bn last year, but there is great uncertainty over the impact that legal action and compensation claims could have.

BP has already said it will not be paying any dividends to its shareholders this year, after agreeing to finance a $20bn (13.5bn) clean-up and compensation fund for the oil spill.

A Downing Street statement issued after the meeting between Mr Obama and Mr Cameron, said: "The leaders agreed that BP should meet its obligations to cap the leak, clean up the damage and meet legitimate compensations.

"They also agreed that it was to both countries' advantage for BP to remain a strong and stable company."

There was no official response from Washington, though a senior US official emphasised to reporters at the summit that BP's obligations "have got to be met".

BP will be hoping the talks put an end to political attacks on the company.

Officials in the US administration have criticised BP's response to the spillage, and mounted strong attacks on chief executive Tony Hayward.

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