UK Today News: BP Keeps $32.2 Billion To Cover Oil Spill Costs – Tony Hayward Replaced By Bob Dudley
BP today announced that it has kept aside an amount of $32.2 Billion, to manage the cost incurred by the oil spill. The company stated that this huge amount has put BP in a loss of $17 Billion for three months, from April to June. BP also added that CEO Tony Hayward would be exiting the company by the end of October this year, and will be replaced by Bob Dudley from America.
BBC reports that BP is going to speed up the sale of its assets in the next 18 months, to around $30 Billion. In the $32.2 billion set aside, $20 billion is already kept in an escrow account, to cover up compensation claims. On the other hand, BP has admitted that total figure could possibly raise in the future.
Carl-Henric Svanberg, Chairman of BP stated that there has been no finalization of the bill, in context to the oil spill cost. BP earned a second quarter profit of $5 billion compared to last years $2.9 billion.