26 Jun 2010

Cameron warns against BP's 'destruction'

8:29 pm on 26 June 2010

The British Prime Minister David Cameron has warned against what he calls the destruction of BP as its shares plummet close to a 14-year low.

The new British leader, who this weekend will hold his first bilateral talks with the United States President Barack Obama, says it is important to have transparency over the British company's liability in the Gulf of Mexico oil leak catastrophe.

AAP reports that despite desperate efforts, BP is still not capping all of the millions of litres of oil gushing into the sea every day from its ruptured well.

BP says so far it has spent nearly US$2.4 billion on compensation and clean-up costs.

The company has already agreed to pay US$20 billion into a compensation fund over the next five years.