BP to raise $50 bln for oil spill costs - report

LONDON, June 20 Sun Jun 20, 2010 8:34am EDT

LONDON, June 20 (Reuters) - BP (BP.L) is planning to raise $50 billion to cover the cost of the largest oil spill in U.S. history, London's Sunday Times reported without citing sources. The paper said BP planned to raise $10 billion from a bond sale, $20 billion from banks and $20 billion from asset sales over the next two years.

The oil major had said last week that it would suspend dividends and increase the pace of asset sales to $10 billion this year. [ID:nN16172720]

A spokesman for the group would not confirm any numbers on Sunday, when asked about the Sunday Times report.

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ For full coverage link.reuters.com/hed87k Breakingviews [ID:nLDE65H0GB] Insider TV link.reuters.com/cet72m Graphics

here Special Report: Wall Street touted BP [ID:nN18126202] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Victoria Bryan; Editing by Jon Loades-Carter)

FILED UNDER:
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (1)
Boopspal wrote:
Ah Textex the professional Amway basher who has little or no idea what it is talking about.

I think you spend all of your time looking to comment on Amway. I guess you have no other way to feel important.

BTW, Amway is not illegal in the UK. The courts overthrew the complaints.

50 year old company. $8 Billion in world wide annual revenue. Doing business in 80 countries and Textex needs to sound the alarm. Thanks Textex for you vigilance-not.

Jun 20, 2010 6:31pm EDT  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.