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US Congress set to grill BP chief US Congress set to grill BP chief
(about 3 hours later)
Tony Hayward will appear in Congress a day after visiting the White HouseTony Hayward will appear in Congress a day after visiting the White House
BP boss Tony Hayward is set to face a grilling in the US Congress, a day after the oil firm agreed a $20bn (£13.5bn) compensation fund for victims of the Gulf of Mexico oil spill.BP boss Tony Hayward is set to face a grilling in the US Congress, a day after the oil firm agreed a $20bn (£13.5bn) compensation fund for victims of the Gulf of Mexico oil spill.
Mr Hayward is expected to tell a Congress committee that he is "personally devastated" by the spill.Mr Hayward is expected to tell a Congress committee that he is "personally devastated" by the spill.
The firm has withheld shareholder dividends to help finance the fund. The firm says it will withhold dividends until the end of the year.
Meanwhile, BP's containment device for the ruptured well is back up and running after a brief shutdown. Meanwhile, BP's containment device for the ruptured well is working again after a brief shutdown.
The capping system, which pipes leaking oil to a vessel on the ocean surface, was switched off for five hours on Tuesday after lightning struck the containment ship.The capping system, which pipes leaking oil to a vessel on the ocean surface, was switched off for five hours on Tuesday after lightning struck the containment ship.
And BP announced on Wednesday that a second containment system had been launched, designed to bring oil and gas to the surface for burning. And BP announced on Wednesday that a second containment system had been launched, designed to bring oil and gas to the surface.
Meanwhile, BP chairman Carl-Henric Svanberg has been forced to apologise after telling reporters that BP was not a greedy company and that it cared "about the small people". He later said he "spoke clumsily".
It follows a gaffe by Mr Hayward last month - in which he said he wanted the leak to stop as he would "like my life back" - which was widely seen as insensitive to all those affected by the 20 April rig blast and subsequent spill.
'Complex accident''Complex accident'
Mr Hayward, who has come under heavy criticism for his handling of the crisis, is scheduled to give evidence to a House of Representatives committee on Thursday afternoon. Mr Hayward, who has been heavily criticised for his handling of the crisis, is scheduled to give evidence to a House of Representatives committee on Thursday afternoon.
BP released snippets of a prepared statement he will read to the committee in which he will say: "I fully grasp the terrible reality of the situation."BP released snippets of a prepared statement he will read to the committee in which he will say: "I fully grasp the terrible reality of the situation."
And he will also update the Congressmen with the progress of BP's internal investigation into the spill.And he will also update the Congressmen with the progress of BP's internal investigation into the spill.
"I understand people want a simple answer about why this happened and who is to blame," he will say."I understand people want a simple answer about why this happened and who is to blame," he will say.
"The truth, however, is that this is a complex accident, caused by an unprecedented combination of failures.""The truth, however, is that this is a complex accident, caused by an unprecedented combination of failures."
BP has agreed to pay $5bn into the compensation account, known as an escrow fund, before the end of 2010. The remainder is to be paid over the following three years.BP has agreed to pay $5bn into the compensation account, known as an escrow fund, before the end of 2010. The remainder is to be paid over the following three years.
The agreement was announced by US President Barack Obama after he met BP executives at the White House.The agreement was announced by US President Barack Obama after he met BP executives at the White House.
"We will continue to hold BP and all other responsible parties accountable," Mr Obama said."We will continue to hold BP and all other responsible parties accountable," Mr Obama said.
"And I'm absolutely confident BP will be able to meet its obligations to the Gulf Coast and to the American people.""And I'm absolutely confident BP will be able to meet its obligations to the Gulf Coast and to the American people."
"BP is a strong and viable company and it is in all of our interests that it remain so.""BP is a strong and viable company and it is in all of our interests that it remain so."
Mr Obama insisted there would be no cap on the amount BP might be asked to contribute.Mr Obama insisted there would be no cap on the amount BP might be asked to contribute.
Analysts said the firm's finances should be strong enough to withstand the fiscal fallout from the spill.Analysts said the firm's finances should be strong enough to withstand the fiscal fallout from the spill.
Threat to wildlife
US politicians have accused BP of failing to follow proper procedures in the run-up to the explosion on the Deepwater Horizon rig on 20 April.US politicians have accused BP of failing to follow proper procedures in the run-up to the explosion on the Deepwater Horizon rig on 20 April.
The blast led to the deaths of 11 people, caused the rig to sink, and has since seen hundreds of thousands of barrels of oil spew into the Gulf of Mexico.The blast led to the deaths of 11 people, caused the rig to sink, and has since seen hundreds of thousands of barrels of oil spew into the Gulf of Mexico.
Some of the oil is now washing ashore in states along the Gulf coast.Some of the oil is now washing ashore in states along the Gulf coast.
The spill threatens to cripple businesses and seriously damage wildlife across the Gulf.The spill threatens to cripple businesses and seriously damage wildlife across the Gulf.
It has already paralysed the fishing industry in the area and wiped billions of dollars off BP's value.It has already paralysed the fishing industry in the area and wiped billions of dollars off BP's value.
You can follow the testimony of BP chief executive Tony Hayward when he appears before a US Congress committee on the BBC News website on Thursday 17 June, from 1500 BST (1000 EST).You can follow the testimony of BP chief executive Tony Hayward when he appears before a US Congress committee on the BBC News website on Thursday 17 June, from 1500 BST (1000 EST).