BP Pledges Angola, Azerbaijan Oil as It Builds U.S. Fund for Gulf Cleanup

[dipsydoodle]

Source: Bloomberg

BP Plc is pledging oil sales from Angola and Azerbaijan to raise $5 billion of loans as it builds a cleanup fund for the worst U.S. environmental disaster.

The company is borrowing $3 billion backed by income from Angolan operations, lenders said, and $2 billion linked to revenue from the Azeri-Chirag-Deepwater Gunashli field off the coast of Azerbaijan.


Read more: http://www.bloomberg.com/news/2010-08-16/bp-pledges-angola-azerbaijan-oil-as-it-builds-u-s-fund-for-gulf-cleanup.html