WASHINGTON (Reuters) - President Barack Obama on Wednesday said that BP Plc agreed to a $20 billion (13.5 billion pound) fund to cover damages from the Gulf of Mexico oil spill.
After a meeting with the company's executives, Obama said the money would be put in escrow and administered by a third party. He also made clear it was not a cap on the liabilities.
"BP <:BP.LO:>s liabilities for this spill are significant," Obama told reporters. But he described the company as strong and viable. "I'm absolutely confident BP will be able to meet its obligations to the Gulf Coast and to the American people," he said..
(Writing by Caren Bohan; Editing by Jackie Frank)
