Mitsui to pay BP £678m oil spill claim

City A.M. Reporter
MOEX, a unit of Japanese trading house Mitsui & Co, and partner in BP's doomed Macondo well has agreed to pay the UK oil major $1.1bn (£678m) towards the cost of the Gulf of Mexico oil spill.

MOEX had a 10 per cent stake in the well and was liable for a commensurate portion of the costs, which BP estimated at $41bn, 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 $4bn of BP's estimate, suggesting the Japanese company is paying less than a third of its potential liability.