<p>"The purpose of the escrow account was to assure those adversely affected by the spill that we indeed intend to stand behind our commitment to them and to the American taxpayers," BP's incoming chief executive Bob Dudley said in a statement.<br /><br />"Establishing this trust and making the initial deposit ahead of schedule further demonstrates our commitment to making it right in the Gulf Coast," he said.<br />President Barack Obama's administration earned commitments from BP to pay into the account in mid-June, nearly two months after the BP-leased Deepwater Horizon oil rig exploded April 20, killing 11 workers and triggering what has become the world's largest unintentional oil spill.<br /><br />The fund, to be paid into over four years at USD five billion per year, will be overseen by prominent lawyer Kenneth Feinberg, who managed compensation claims by victims of the September 11, 2001 terror attacks.</p>.<p>The US Department of Justice said negotiations on the fund were completed today.<br />"We are pleased that BP made an initial contribution and has taken an important step toward honoring its commitment to the president and the residents and business owners in the Gulf region, US Associate Attorney General Tom Perrelli said in a statement.<br /><br />"We have made clear that the company still needs to ensure that the necessary funds will be available if something happens to the subsidiary that established the trust and we look forward to completion of an appropriate security arrangement in the near future."<br />BP in its statement identified two individual trustees who were named as administrators of the newly-established trust: former US federal judge John Martin, and Kent Syverud, dean of Washington University School of Law.</p>
<p>"The purpose of the escrow account was to assure those adversely affected by the spill that we indeed intend to stand behind our commitment to them and to the American taxpayers," BP's incoming chief executive Bob Dudley said in a statement.<br /><br />"Establishing this trust and making the initial deposit ahead of schedule further demonstrates our commitment to making it right in the Gulf Coast," he said.<br />President Barack Obama's administration earned commitments from BP to pay into the account in mid-June, nearly two months after the BP-leased Deepwater Horizon oil rig exploded April 20, killing 11 workers and triggering what has become the world's largest unintentional oil spill.<br /><br />The fund, to be paid into over four years at USD five billion per year, will be overseen by prominent lawyer Kenneth Feinberg, who managed compensation claims by victims of the September 11, 2001 terror attacks.</p>.<p>The US Department of Justice said negotiations on the fund were completed today.<br />"We are pleased that BP made an initial contribution and has taken an important step toward honoring its commitment to the president and the residents and business owners in the Gulf region, US Associate Attorney General Tom Perrelli said in a statement.<br /><br />"We have made clear that the company still needs to ensure that the necessary funds will be available if something happens to the subsidiary that established the trust and we look forward to completion of an appropriate security arrangement in the near future."<br />BP in its statement identified two individual trustees who were named as administrators of the newly-established trust: former US federal judge John Martin, and Kent Syverud, dean of Washington University School of Law.</p>