BP to pay $20 billion for damages: Obama

Written by: Devaki
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Washington, Jun 17: US President Barack Obama said that British Petroleum (BP) has agreed to provide $20 billion, for the victims of the oil spill at Gulf of Mexico, which has created the worst environmental calamity in the US history.

Carl Henric Svanberg, the Chairman of BP apologized for the calamity adding that he was suspending the company's quarterly dividend as a sign of its commitment to the claims process.

The amount of $20 billion did not represent a cap on the company's liability but rather a fund which becomes immediately available to pay the financial crisis of Gulf Coast residents and businesses, said Barack Obama.

Obama spoke about the BP-agreement without any emotions.

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