BP sets aside funds for Gulf barrier
BP PLC says it has established a $360 million escrow account.
By Agencies |
LONDON: BP PLC says it has established a $360 million escrow account to immediately fund the construction of six sections of Louisiana barrier islands as ordered by the US government.
But it added Friday that because the environmental implications of the projects ``are not fully understood'' it is assuming no liability ``for unexpected or unintended consequences.''
BP has already provided $170 million to Louisiana, Alabama, Mississippi and Florida to help with their response costs and help promote their tourism industries.
The company has also paid approximately $43 million in compensation to people and companies affected by the spill.
BP is currently attempting to cut a section of pipe from the leaking well before placing a cap over the site to contain the oil.
But it added Friday that because the environmental implications of the projects ``are not fully understood'' it is assuming no liability ``for unexpected or unintended consequences.''
BP has already provided $170 million to Louisiana, Alabama, Mississippi and Florida to help with their response costs and help promote their tourism industries.
The company has also paid approximately $43 million in compensation to people and companies affected by the spill.
BP is currently attempting to cut a section of pipe from the leaking well before placing a cap over the site to contain the oil.
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