Factbox: Developments in the Gulf of Mexico oil spill

(Reuters) - Here are developments in the Gulf of Mexico oil spill, the largest in U.S. history:

TOP DEVELOPMENTS

* BPis seeking $1 billion in loans from seven banks for up to $7 billion, a senior London-based loan banker told Thomson Reuters LPC, as the company raises funds while battling to plug its gushing well.

* BP shares gain in London after its boss survives a bruising encounter with U.S. lawmakers and as hopes rise that its $20 billion oil spill compensation and clean-up fund will cap public anger.

* Angry U.S. lawmakers hammered BP Chief Executive Tony Hayward at a congressional hearing on Thursday, accusing him of evasion and ducking responsibility and his company of taking "extreme risks" that triggered the disaster.

* Gulf spill damages could reach $100 billion, Louisiana Treasurer John Kennedy told Reuters, adding the $20 billion BP fund is not enough. Kennedy said Louisiana is losing $100 million to $150 million in wages per month.

POLITICS/POLICY

* Republican Representative Joe Barton of Texas apologized to Hayward at the hearing for the White House "shakedown" creating a $20 billion "slush fund." He retracted his apology after it provoked denunciations from his own party.

* BP faces a huge compensation bill for the cleanup of the spill but also wants clarity on its future, British Prime Minister David Cameron said.

* Britain's finance minister, George Osborne, told BBC radio that BP "is a very important company, not just to the British economy but to the American economy as well. And we want it to succeed and flourish in the future for all our sakes.

* Oil companies will undoubtedly need to review and amend their oil spill response plans in the disaster, U.S. Interior Department's Minerals Management Service head Bob Abbey said.

COMPANY/MARKETS NEWS

* Moody's cut BP's credit rating by three notches on Friday, the oil major's third downgrade in a week, and said the company's $20 billion spill fund would not cap liabilities for the Gulf of Mexico oil disaster.

* Standard & Poor's cut BP's credit rating and said it might do so again.

* Russia's LUKOIL said it had not yet decided whether to buy back its stake from Conoco and was not interested in snapping up anything from BP's $10 billion asset sale.

* BP has not sold its stake in Russia's biggest oil firm, Rosneft, and has no plans to sell it as part of its $10 billion asset sale plan, the head of BP's Russian operations said.

* Russian President Dmitry Medvedev told the Wall Street Journal the spill could lead to the breakup of BP but stopped short of saying Russia would re-evaluate BP's lucrative Russian partnership.

SPILL CONTAINMENT EFFORTS

* BP collected 25,000 barrels of oil from its blown-out Macondo well on Thursday, Coast Guard Admiral Thad Allen said.

* BP is ahead of schedule on drilling a pair of relief wells designed to eventually stop the gushing oil leak but the top U.S. official overseeing the spill response said the company still expects to finish them in August.

OIL SLICK THREAT

* The spill has fouled at least 120 miles of U.S. coastline, imperiled multibillion-dollar fishing and tourism industries and killed birds, sea turtles and dolphins.

* Fear that oil from the spill will damage Mississippi's coast is hurting the state's economy more than oil damage itself, according to a report.

GLOBAL REACTION

* Russian President Dmitry Medvedev said the Gulf spill should lead to a review of global energy industry co-operation. [nLDE65H16M]

* Offshore drilling continues around the world as BP's spill gushes.

QUOTE OF THE DAY

""It's time for heads to roll at BP," Florida Democratic Representative Kathy Castor on Reuters Insider.

(Compiled by Ed Stoddard, editing by Chris Wilson)