BP sets aside $32bn dollars for spill clean-up

BP has announced that it is setting aside more than $32bn to cover the costs of the Gulf of Mexico oil spill, more than had been expected.

The massive costs of the clean up operation has plunged the company into the red during the second quarter of this year to the tune of $17bn.

The BP Chairman Carl-Henric Svanberg has also confirmed that the company's Chief Executive, Tony Hayward, is stepping down in October and that he was entitled to a package worth over £10m.

However, in an interview with BBC Business Editor Robert Peston, Mr Svanberg insisted his company was "still in grand shape" and would have a "strong future".

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