BP says it's going broke over payments to US for 2010 oil spill, wants UK PM Cameron to ask Obama if they can get out of deal-BBC

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5/16/13, "BP to seek Cameron's help as oil spill costs escalate," BBC

"BP wants Prime Minister David Cameron to intervene over the escalating cost of compensating US companies for the Gulf of Mexico oil disaster in 2010.

BBC business editor Robert Peston has learned that BP feels its financial recovery is in jeopardy because the compensation system is being abused....

BP hopes Mr Cameron will raise the issue with the US government....

BP put aside $7.8bn (£5.2bn) when it agreed to pay compensation in 2012, but the company now expects the final figure to be much higher....

In March, BP began legal action in the US to limit payments by the fund set up to compensate those affected by the disaster. However, our business editor says that BP executives believe that even if it wins the appeal, the final cost of compensating firms will still be "significantly" higher than the amount it has set aside."


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