Mitsui to pay BP $1.1bn in settlement over Gulf of Mexico oil spill

20 May 2011 09:17  [Source: ICIS news]

SINGAPORE (ICIS)--MOEX Offshore 2007, a unit of Japanese trading firm Mitsui & Co and one of BP’s partners in the Macondo well, will pay $1.1bn (€770m) to the oil major after reaching a settlement over the Gulf of Mexico spill last year, BP said on Friday.

BP said in a statement that it had reached a settlement with MOEX Offshore 2007 covering all claims between the companies related to the spill.

MOEX Offshore 2007 had a 10% stake in the Macondo well, according to the statement.

“This settlement is an important step forward for BP and the Gulf communities,” said BP group chief executive Bob Dudley.

“MOEX is the first company to join BP in helping to meet our shared responsibilities in the Gulf.… We call on the other parties involved in the Macondo well to follow the lead of the MOEX and Mitsui parties,” Dudley added.

The settlement on Friday is the most recent step BP has taken to raise funds to help BP meet its commitments in the Gulf of Mexico.

BP has so far concluded agreements for asset divestments totalling around $25bn and has recently announced that it will also divest a number of operated oil and gas fields in the UK and two of its US refineries – Texas City and Carson – along with their associated marketing interests, the statement said.

Mitsui said in a separate statement on Friday that it has not changed its annual dividend and net profit forecast for the year ending 31 March 2012.

($1 = €0.70)

Read John Richardson and Malini Hariharan’s blog – Asian Chemical Connections

By: Nurluqman Suratman

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