BP to fund construction of six sections of Louisiana barrier islands
Posted: 2 June 2010
BP supports the U.S. government's decision to proceed with the construction of six sections of the Louisiana barrier islands proposal.
The company will fund the estimated $360 million it will cost to construct the six sections.
BP will not manage or contract directly for the construction of the island sections, nor will the company assume any liability for unintended consequences of the project.
The company plans to make payments in stages based on the project's milestones.
"BP is committed to implementing the most effective measures to protect the coastline of Louisiana and reduce the impact of the oil and gas spill in the Gulf of Mexico. The federal government and the state of Louisiana have agreed that the barrier islands construction is an effective response to the spill, and we look forward to working with them on this project," said Tony Hayward, BP's chief executive officer.
BP already has provided $170 million to Louisiana, Alabama, Mississippi, and Florida to help with their response costs and help promote their tourism industries.
The company also has paid approximately $42 million in compensation to people and companies affected by the spill.