(MENAFN- Kuwait News Agency (KUNA)) The Environmental Protection Agency (EPA) and British energy giant British Petroleum (BP) executed an agreement resolving all suspension and debarment actions against BP that barred the company from doing business with the federal government following the company's guilty plea in the Deepwater Horizon disaster of April 2010, it was announced Thursday
The Agency indicated in a statement that under the agreement, BP is required "to retain an independent auditor approved by EPA who will conduct an annual review and report on BP's compliance with the agreement. There are also specific provisions addressing ethics compliance, corporate governance, and process safety." The agreement "additionally provides EPA the authority to take appropriate corrective action in the event the agreement is breached." "This is a fair agreement that requires BP to improve its practices in order to meet the terms we've outlined together," said Craig Hooks, assistant administrator for EPA's Office of Administration and Resources Management
He added that "many months of discussions and assessments have led up to this point, and I'm confident we've secured strong provisions to protect the integrity of federal procurement programs." The EPA indicated that the agreement announced today takes effect immediately and that the administrative agreement will be in place for five years
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.