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After intense negotiations, BP on Thursday bowed to President Barack Obama's demand for a $20 billion fund to compensate victims of the disastrous oil spill in the Gulf of Mexico. The humbled chairman of the giant British company apologized to the American people for the horrendous accident.
He also announced the company had agreed to set up a separate $100 million fund to compensate oil rig workers laid off as a result of his six-month moratorium on deepwater drilling.
BP is suspending its dividends to shareholders for the rest of this year to help pay for the costs, said chairman Carl-Henric Svanberg.
BP has taken the brunt of criticism because it was the owner of the well and was leasing the Deepwater Horizon rig that sunk. But when the day of reckoning finally comes, BP may not be the only one having to pay up. That's because Swiss-based Transocean Ltd. owned a majority interest in the rig. Anadarko Petroleum, based in The Woodlands, Texas, has a 25 percent non-operating interest in the well.