BP to raise $50 bn, sue Anadarko

Source: AFP

"BP is trying to raise 50 billion dollars to cover the cost of the Gulf of Mexico spill and is preparing to sue its partners in the oil field, British newspapers said on Sunday.

The Sunday Telegraph said BP is readying to take legal action against US firm Anadarko, its main partner in the field, for its share of the clean-up costs.

The broadsheet cited a "senior BP source" as saying Anadarko was "shirking its responsibilities", not accepting its liabilities and that legal action in the United States is now likely to follow.

The Sunday Times said BP is working on a plan to raise 50 billion dollars to cover the cost of the oil spill, which would start next week with a bond sale to raise 10 billion dollars.

A further 20 billion dollars would come from bank loans, while the final slice is expected to come from asset sales over the next two years, the broadsheet said." LinkHere

Obama Admin To Battle Oil And Chemical Firms Over Superfund Tax

BP Relied On Cheaper Wells Despite Risk... Internal Document: BP Thought Spill Could Be 100-Times Larger Than It Told Congress