Mitsui to pay 1 Billion toward cleanup

Mitsui & Co Ltd has agreed to pay more than USD $1 billion to cover a share of the 2010 Gulf of Mexico oil spill. It is about half the amount for which BP had originally billed the company. Mitsui owned 10% of the underwater Macondo well that spewed oil into the gulf after an explosion on the Deepwater Horizon oil drilling platform. It is the first time a separate company has agreed to share the costs with BP, and analysts have said it might set a precedent for other companies, such as Anadarko Petroleum Corp, which held 25% interest in the Macondo well, would also settle claims with BP. Transocean Ltd, owners of the drilling platform, and Halliburton Co could also be expected to contribute to BP’s cleanup and reparation costs.

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