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  • Good news for BP plc (NYSE:BP) - Loans against Oil Sales Approved

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    Tuesday August 17, 2010 at10:15 am EST
     
    BP plc (NYSE:BP) will be using Angola, Azerbaijan Oil for Spill Costs.
     
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    BP plc (NYSE: BP), Which is the 2nd largest company in Europe by market cap announced that it will use Oil revenues from Angola and Azerbaijan to support $5 billion to go toward the $20 billion escrow account for victims of the Gulf of Mexico oil spill.

    The company has decided to borrow $3 billion against Angolan oil sales and $2 billion against oil sales in Azerbaijan which will help contribute toward the $20 billion fund.


    As per Bloomberg Reports Royal Bank of Scotland Group Plc (NYSE: RBS) and Societe Generale SA will be providing the Azerbaijan loan, while BNP Paribas SA and Standard Chartered Plc for Angola.

    BP plc (NYSE:BP) Shares are trading 1% lower Today at around $38 which is close to support level of $38.33. 
    Resistance levels above - $41.18 and $41.33
    Support Levels - $36.31 and $31.94.

    Shares of BP plc (NYSE:BP) are expected to stay flat today ollowing this news. BP has been trying its best to collect the $20 billion for the fund. One of the important task for BP will be to improve its image among Americans.



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