BP close to settling US accusations - reports

24 October 2007 17:17  [Source: ICIS news]

HOUSTON (ICIS news)--British energy major BP is close to settling accusations that it manipulated propane prices and that it was criminally indifferent to worker safety in regards to a refinery explosion in Texas, media reports said on Wednesday.

The 2005 explosion resulted in 15 deaths.

The refinery settlement could be announced as early as this week, reports said.

The accusations of propane price-manipulation were made by the US Department of Justice and the US Commodity Futures Trading Commission, reports said. The groups allege that the alleged price manipulation occurred in February 2004, reports said.

Bloomberg reported that the propane settlement could be announced as early as Thursday.

BP is expected to pay $303m (€215m) to settle the accusations, reports said on Wednesday.

BP said it had no comments.

The US Commodity Futures Trading Commission would not comment on the reports.

The Justice Department said it had no comment.

($1.00 = €0.70)

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Author: Al Greenwood
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