Oil giant BP to raise 50 billion dollars for oil spill

BPAccording to a newspaper of London, the oil giant BP is planning to raise 50 billion dollars to balance the expenses of cleaning at the Gulf of Mexico oil spill. Meanwhile the energy major who will compensate the victims, has vowed that the correct claims will be paid as soon as possible.

The Sunday Times of London reported that the oil giant BP is planning to bring 10 billion dollars from bond sale, 20 billion dollars from the banks and rest 20 billion dollars from the sale of its assets to cover up the biggest environmental disaster of oil spill in the Gulf of Mexico which is the largest in the history of US.

The newspaper did not address its sources but has informed the company wants to increase its capital cash to avoid the credit ratings. The spokesman of BP Mr. Andrew Gowers has denied all such reports. He has said that the company needs to have a strong cash position to come back to the market.

BP has already declared the suspension of its dividend payments through out this year and also decides to sell assets worth 10 billion dollars.