BP Announce The Initial Payment Towards Louisiana Barrier Island Project
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© BP p.l.c.
BP today announced that they have made the starting payment of $60 million towards the Barrier Islands Project. They have pledged to fund the whole $360 million project and will make the payments directly to Louisiana state.
The payments will be made at certified completion stages of 20%, 40%, 60%, 80% and the final payment will be made on full completion.
“We are committed to doing everything we can to protect the coastline and reduce the impact of the oil and gas spill in the Gulf of Mexico. We understand that the United States Coast Guard and the State of Louisiana want this project to proceed with urgency, so we want to ensure that funding is immediately available to begin construction of the berms,” said Bob Dudley, Managing Director.
This announcement is the latest in BP’s ever increasing needs to respond to the current Oil and Gas Spill disaster.
