Mitsui & Co Unit President: BP To Cover Costs Of Oil Spill - Kyodo

TOKYO (Dow Jones)--The president of the U.S. arm of Mitsui & Co.'s (8031.TO) oil development unit wrote in a report to the U.S. Senate that BP PLC. (BP) has full responsibility for the oil spill in the Gulf of Mexico, including compensation for all damages, Kyodo News reported Thursday. Naoki Ishii, president of MOEX Offshore 2007 LLC, the U.S arm of Mitsui Oil Exploration Co., holds that the oil development subsidiary of the Japanese trading house won't shoulder any costs arising from the spill, the report said. Mitsui Oil Exploration Co. holds a 10%-stake in the BP-operated field where the spill occurred. A Mitsui Oil Exploration spokesman declined to comment on the report, saying the company will release a statement Friday. -Tokyo Bureau, Dow Jones Newswires; +81-3-6269-2770 (END) Dow Jones Newswires July 22, 2010 01:23 ET (05:23 GMT)