BP to pay a record $18.7bn over 2010 Deepwater Horizon oil spill
Under the agreement reached by BP and five US states along the Gulf of Mexico, the British oil major will pay out $18.7 billion over 18 years. The deal resolves the firm of the remaining liabilities from the biggest oil spill in US history.
A record $5.5 billion will cover federal penalties under the Clean Water Act. Louisiana, Mississippi, Alabama, Florida and Texas will receive payouts for harm done in the oil spill.
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