Mitsui & Co: Have Received Payment Request To Cover Costs From BP Spill

Mitsui & Co. (8031.TO) said Tuesday that MOEX Offshore 2007 LLC has received a payment request totaling $480 million from BP Exploration and Production Inc. to cover costs for the massive Gulf of Mexico oil spill.

The Japanese firm also said MOEX Offshore, which is wholly owned by a U.S. unit of Mitsui's 69.91%-held Mitsui Oil Exploration Co., may receive more requests from BP Exploration in the future.

However, MOEX Offshore will hold off making a decision on whether to pay for the costs, as it is examining the request while it continues talks with BP Exploration, Mitsui said.

Mitsui & Co. said it booked a loss of Y2.1 billion on the revaluation of fixed assets in the April-June quarter partly due to an appraisal loss related to the mining rights in the affected well.

-By Yoshio Takahashi, Dow Jones Newswires; 813-6269-2791; yoshio.takahashi@dowjones.com

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