June 20, 2010 / 12:35 PM / 7 years ago

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

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)

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