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Mitsui to Pay BP $1bln to Settle Oil Spill Claims

Source: Reuters 5/20/2011, Location: North America

MOEX, a unit of Japanese trading house Mitsui & Co, and partner in BP Plc's doomed Macondo well has agreed to pay the UK oil major $1.1 billion toward the cost of the Gulf of Mexico oil spill.

MOEX had a 10 percent stake in the well and was liable for a commensurate portion of the costs, which BP estimated at $41 billion, including fines.

BP said in a statement the settlement excludes punitive damages, which BP does not believe will be payable, and fines, which analysts estimate make up about $4 billion of BP's estimate, suggesting the Japanese company is paying less than a third of its potential liability.

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