BP To Use Angola, Azerbaijan Oil To Back Spill Fund

BP BP, Europe's second-largest oil company by market cap, said it will use oil sales in Angola and Azerbaijan to back $5 billion of loans to go toward the $20 billion compensation fund for victims of the Gulf of Mexico oil spill. The company is borrowing $3 billion against Angolan oil sales and $2 billion against oil sales in Azerbaijan to contribute toward the $20 billion fund. Royal Bank of Scotland Group Plc RBS and Societe Generale SA are arranging the Azerbaijan loan, while BNP Paribas SA and Standard Chartered Plc are coordinating the Angola facility, according to Bloomberg News. The loans have maturities of five years and commitments are due on September 13. You Can't Afford Miss To Out On These Money Making Trading Ideas.