BP To Fund $20bn Gulf Of Mexico Oil Spill Payout

"BP has agreed to set up a £13.5 billion fund to help pay victims of the Gulf of Mexico oil spill. Following a meeting with bosses of the oil giant in the White House, US President Barack Obama said efforts to contain the leak should capture 90 per cent of the leaking oil in the coming days and weeks. ""That is still not good enough. We will continue to press BP,"" he added. Obama said the money would be put in escrow and administered by a third party. He also made clear it was not a cap on the liabilities. ""BP's liabilities for this spill are significant,"" he said, but he described the company as strong and viable. ""I'm absolutely confident BP will be able to meet its obligations to the Gulf Coast and to the American people,"" he added. BP's chairman, Carl-Henric Svanberg, also said that the company would not pay dividends to its shareholders for the rest of the year."