BP Agrees To Provide $1B
For Gulf Restoration Projects
April-21-2011--WASHINGTON --BP Plc has agreed to provide
$1 billion to help restore wildlife and habitats in the Gulf of Mexico as part of an agreement with the US and Gulf Coast state governments, the Justice Department said Thursday. This agreement, billed as the largest of its kind, falls on the heels of the one-year anniversary of the explosion of the Deepwater Horizon rig and the subsequent oil spill.
The $1 billion agreement that BP struck with the federal and state governments--collectively known as the Natural Resource Trustees for the Deepwater Horizon oil spill--doesn't release BP from liability for any other natural resource damages.
The trustees will use the money to rebuild coastal marshes and replenish damaged beaches, among other projects.
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