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BP raises $50 bn for oil spill cost

June 20th, 2010 SindhToday

London, June 20 (DPA) British oil company BP was trying to raise an extra $50 billion to cover the cost of the devastating oil leak in the Gulf of Mexico, the weekly Sunday Times reported Sunday.

The company’s bosses wanted to make sure they have enough ready money to make compensation payments and to bolster the market’s confidence in BP.

The money was to be raised in three ways. A bond sale could raise $10 billion, as soon as next week, the paper reported.

BP was also in negotiations with banks to take out a $20-billion loan. Another 20 billion dollars would come from selling company assets over the next two years.

BP declined to comment on the alleged plans, but chairman Carl-Henric Svanberg said: “We need to have an unusually strong cash position”.

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