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BP bounces back into profit

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BP surged back into profit in the first nine months of 2011, and has now reached a “clear turning point” after last year’s devastating Gulf of Mexico oil disaster, it declared on Tuesday. The group said it will sell another $15 billion of non-core assets by 2013, expanding its divestment…

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BP sues Gulf rig firm, shifting blame for oil spill

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LONDON (AFP) – BP is taking legal action to shift the blame for the Gulf of Mexico oil disaster which devastated the environment and the group’s image a year ago, suing rig operator Transocean for damages of $40 billion (24 billion pounds). The disaster threatened to ruin BP as a…

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‘Not enough money in world’ to pay every spill claim: oil fund czar

The prominent US lawyer managing BP’s 20-billion-dollar oil disaster fund said Wednesday not all claimants will be paid, especially some of those seeking compensation for falling houses prices. “There’s not enough money in the world to pay every single small business that claims injury no matter where or when,” Kenneth…

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