BP reached preliminary agreement with the Obama administration yesterday to set aside $20bn to cover claims relating to the Gulf of Mexico oil spill, officials familiar with the negotiations said.
President Barack Obama met Tony Hayward, BP's chief executive, and Carl-Henric Svanberg, chairman, in the White House for what was expected to be a tense meeting over BP's liability for the spill. The increasingly fractious relationship between the administration and the company has some UK politicians and business groups fearing an anti-British backlash.
The meeting, scheduled to run for 20 minutes but which went on far longer, was the first time the president had come face to face with BP's management since the April 20 spill.