Compensation mammoth 18.7 billion dollars will be paid by BP for the ecological disaster in 2010!

17 July 2015

business-people re-el magazine

British oil giant BP announced today an initial compromise with the US Justice which provides a payment of compensation amounting to $ 18.7 billion in order to settle the lawsuits which was made by the US government and five states located in the Gulf of Mexico affected by the oil spill of 2010.

With these new funds released today, the compensation for the ecological disaster caused by the oil spill amounted to $ 54 billion to BP (EUR 48.7 billion).

The total amount announced today includes $ 5.5 billion in civil penalties, $ 7.1 billion to be paid to the US federal government and five states for environmental disasters (additional 232 million in order to cover possible losses that have not presently disclosed), $ 4.9 billion extra in order to be paid compensation on the negative economic consequences of the oil spill and one billion extra to meet the requirements of local authorities.

The repayment of these sums will be made within a period of 15-18 years.

The explosion occurred in the oil platform Deepwater Horizon in April 2010 killed 11 people and caused the largest environmental disaster in US history.

This oil spill has cost dearly to the British group, which has already paid $ 43.8 billion to cover the allowances payable to companies, individuals and local authorities, as well as to settle the cost of decontamination of the coast.

BP stated that the amounts published today will be borne by the account in $ 10 billion and the amount of total expenditure amounted to $ 53.8 billion.

WASHINGTON WELCOMES THE “LARGEST AGREEMENT” COMPENSATION THAT HAS EVER MADE WITH A COMPANY

US Attorney Loretta Lynch today welcomed “the greatest” compensation agreement ever concluded with a company after the British group BP has agreed to pay the sum of $ 18.7 billion in order to settle lawsuits related to oil spill of 2010.

“If the agreement (the initial) is approved by the courts, it will be the largest agreement ever reached by an enterprise in American history. It will cover the damage that the economy of the Gulf (of Mexico), the fisheries sector (…) and fauna suffered “highlighted in a press release.

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