BP “shares close ties” with Nalco. A BP board member who served as an executive at the company for 43 years also sits on Nalco’s board, and critics suggest there may be a conflict of interest in BP’s choice of Corexit.
In a recent New York Times’ article was asked why BP is using the 100 % toxic, 54 percent effective dispersant Corexit to clean up the oil when twelve other dispersants proved more effective in EPA testing.
The US-goverment has demanded twice to stop or to scale down the use of Corexit.
In 2003 Goldmann Sachs invested $4.3 billion to purchase of Nalco, the maker of Corexit, which is now used by BP as an oil dispersant,
As of the end of the first quarter 2010, Goldman Sachs had 188,762 shares of Nalco (NLC) in their portfolio,.having shed 94,672 shares since the Fourth Quarter 2009. In six weeks, they have made a million bucks, a 33 percent increase in market value. They own Nalco bonds as well.
Nalco, which formed a joint venture company with Exxon Chemical in 1994, has oil-industry insiders on its board of directors and among its executives, including an 11-year board member at BP and a top Exxon executive who spent 43 years with the oil giant.
Many question the integrity of the board members and the likely Halliburton-stye billing process that will kick in when BP decides it is no longer responsible for the impact of the accident.
BP used less than 12,000 gallons (45,000 liters) of dispersants on Wednesday, down from 70,000 gallons (265,000 liters) during the first weeks of the crisis.
More than 700,000 gallons of Corexit dispersants have been sprayed so far.
There are reports that Corexit, of which BP has been using two varieties, is actually banned in BP's home nation, the United Kingdom, because of its toxicity.
Nalco, the company that makes the dispersant, refuses to disclose the chemical formula for Corexit, which it calls proprietary.
Crew members aboard fishing vessels who had been working in clean up operations blamed the chemicals for health complaints including nausea, shortness of breath and high blood pressure.
A Corexit product was used to cleanup the Exxon Valdez spill, and workers suffered health problems “including blood in their urine and assorted kidney and liver disorder.”