BP Confirms Obama Meeting Wednesday - TheStreet

Updated from 4:07 a.m. EDT

LONDON (

TheStreet

) -- Ahead of a meeting Wednesday between

BP

(BP) - Get Report

executives and President Obama, the oil company said in a statement it would discuss Obama's "proposal for arrangements to ensure that all legitimate claims in respect in the Gulf of Mexico oil spill are paid out in a fair and timely manner. "

BP shares were lower by 0.5% in London Wednesday after initially rising after Obama in a speech from the Oval Office Tuesday accused BP of "recklessness" and swore to make the company pay for the massive damage the oil spill has caused Obama has demanded that BP set up an independently controlled fund to assure that it will pay; BP made no mention of the fund in its statement.

Obama said he had asked former Mississippi Gov. Ray Mabus to develop a long-term Gulf Coast Restoration Plan -- to be funded by BP -- in concert with local states, communities, fishermen, conservationists and residents "as soon as possible." He didn't detail what the plan might cost.

Video: BP Watch: Day 57 >>

Obama, in his meeting with BP Wednesday, said he would "inform" the company that it must set aside whatever resources are required to make whole all local residents and businesses hurt by the spill and to repair the ecological damage caused by the oil spill. He has invited BP Chairman Carl-Henric Svanberg to the White House meeting.

BP said Wednesday that Group CEO Tony Hayward, BP America President Lamar McKay and Robert Dudley, managing director, would accompany Svanberg.

-- Reported by Joseph Woelfel in New York.

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