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Christian Science Monitor reporting the same story but a little more detailed.
Sat, 19 Jun 2010 01:38:44 GMT
Energy giant BP is asking for billion-dollar loans to help it resolve the oil spill crisis as crude continues to gush from an underwater well in the Gulf of Mexico.
BP PLC, battling to contain the oil spill under the Gulf of Mexico, now is seeking loans of $1 billion from each of seven banks to raise up to $7 billion.
The corporation may also raise five billion dollars in an unsecured bond.
US President Barack Obama has demanded that the company provide $20 billion for damage claims.
On Wednesday, BP announced plans to cut payments of dividends this year.
Experts say that despite different methods applied by BP for plugging the flow, 35 to 60 thousand barrels of oil are still spilling into the Gulf of Mexico every day.
Meanwhile, BP chief executive Tony Hayward has been relieved of day-to-day control of efforts to stop the oil spill, the company's chairman confirmed.
BP managing director Bob Dudley will now take charge of the response to the spill, which continues to threaten the Gulf Coast.