Louisiana state treasurer John Neely Kennedy on Thursday called
for Anadarko Petroleum Corp. (APC) and Mitsui Oil Exploration to
contribute the Gulf spill escrow fund, a $20 billion account BP Plc
(BP, BP.LN) agreed to set up last week.
The fund will cover costs and damages stemming from the worst
oil spill to hit U.S. waters. Anadarko owns a 25% stake in the
well, where the Houston-based energy subsidiary of Japan's Mitsui
Co. (MITSY, 8031.TO) holds 10% interest in the Macondo field. BP is
the well operator and has a 65% stake.
Kennedy said Anadarko and Mitsui share in the reward and risk
associated with the well and should contribute to the escrow
fund.
"This will also help safeguard Lousiana's interests and hedge
our bets against a possible BP bankruptcy," Kennedy said.
-Catherine M. Carlock; 415-439-6400;
AskNewswires@dowjones.com
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