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Mitsui to Book Losses From BP Oil Leak

Source: Reuters 8/2/2010, Location: North America

Mitsui & Co is expected to incur a one-time charge of several billion yen for the April-June quarter related to losses stemming from BP Plc's oil spill in the Gulf of Mexico, the Nikkei business daily reported.

The major Japanese trading house, which holds a partial stake in the ruptured well through its unit Mitsui Oil Exploration, has decided to write off the investment as the oil well is not expected to generate any revenue in the future, the paper said.

The write-offs do not include any of the costs associated with recovering the leaked oil in the Gulf, the Nikkei said.

BP has asked Mitsui and Canada's Anadarko Petroleum Corp (APC.N), which also holds a partial stake in the oil well, to pay part of the expenses, the paper said.

But both companies have so far refused, the daily said.



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