BP settles with Mitsui arm over Macondo spill
Terms call for $1.07 billion to settle claims over Deepwater tragedy
LONDON (MarketWatch) — Shares of oil giant BP PLC rallied nearly 4% Friday after MOEX USA Corp., one of the co-owners of the Macondo oil well in the Gulf of Mexico, agreed to hand over $1.07 billion to settle claims from the Deepwater Horizon disaster.
BP UK:BP +2.70% BP +2.53% said it will receive the payment from MOEX, which owned a 10% stake in the well through a subsidiary.
Japan’s Mitsui & Co. JP:8031 -1.68% , the majority holder in an entity that owns MOEX, confirmed the settlement in a separate announcement. Anadarko Petroleum Corp. APC +4.10% held a 25% stake in the Macondo well.
The agreement makes MOEX the first of BP’s partners to agree to contribute to the cost of the disaster in the Gulf of Mexico.
http://www.marketwatch.com/story/bp-settles-with-moex-over-macondo-spill-2011-05-20