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Monday, August 09, 2010

BBC News - BP makes $3bn deposit in $20bn relief fund

BBC News - BP makes $3bn deposit in $20bn relief fund

BP has made an initial deposit of $3bn (£1.8bn) into a $20bn compensation fund for the oil spill, after completing talks with the US Department of Justice, according to BP officials.

The fund, called an escrow account, was set up by the oil giant to compensate victims of the Gulf of Mexico spill.

BP's response has cost $6.1bn already.

Meanwhile, BP's relief well will reach the damaged well by the end of the week and start the final "kill", the government's incident commander said.

An additional deposit of $2bn will be made in the fourth quarter by BP, with deposits of $1.25bn being deposited each of the following quarters until the $20bn has been paid in full.

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