BP Hit With $87 Million Fine for 2005 Texas Explosion (BP)

Fri. October 30, 2009; Posted: 10:45 AM

Oct 30, 2009 (SmarTrend(R) News Watch via COMTEX) -- BP | Quote | Chart | News | PowerRating -- 10/30/2009 - BP plc (NYSE:BP) was fined $87 million by the Occupational Safety and Health Administration for failing to correct safety issues at a Texas City refinery that exploded in 2005, killing 15 people, according to a Wall Street Journal report. BP said, in a statement that it was "disappointed" with the fine, adding, "We believe our efforts to improve process safety performance have been among the most strenuous and comprehensive that the refining industry has ever seen." The company already paid OSHA $21.4 million in September 2005, and agreed to pay a $50 million criminal fine levied under the Clean Air Act. The new OSHA fine represents the largest levied by the agency.

Write to Chip Brian at cbrian@tradethetrend.com

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