BP Pledges Angola, Azerbaijan Oil for $5 Billion Loan
This article is for subscribers only.
BP Plc is pledging oil sales from Angola and Azerbaijan to raise $5 billion of loans as it builds a cleanup fund for the worst U.S. environmental disaster.
The company is borrowing $3 billion backed by income from Angolan operations, lenders said, and $2 billion linked to revenue from the Azeri-Chirag-Deepwater Gunashli field off the coast of Azerbaijan.