UPDATE 1-Mitsui not to pay BP for oil spill clean-up - Nikkei

Mon Jul 12, 2010 8:50pm GMT

July 12 (Reuters) - A unit of Japanese trading house Mitsui & Co Ltd (8031.T: Quote) has decided not to comply with a request from BP Plc (BP.L: Quote) to contribute to the oil-spill clean-up costs in the Gulf of Mexico, the Nikkei business daily said.

BP had asked for $111 million from Mitsui Oil Exploration Co, which owns 10 percent of the blown-out seabed well, the newspaper said.

The deadline for the payment was Monday, the daily said.

Mitsui's stock has lost more than one-fifth of its market value, or around $7 billion, since the spill occurred on April 20. [ID:nTOE65102U]

BP, which is making progress with a new containment system for the ruptured well, said on Monday the cost of the spill had risen to about $3.5 billion.

It also said more than 52,000 payments have been made to claimants, totaling almost $165 million. [ID:nLDE66B09X] (Reporting by Krishna N. Das in Bangalore; Editing by Unnikrishnan Nair)

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