BP to give proceeds raised by selling leaked Gulf of Mexico oil to wildlife foundation

NEW ORLEANS (AP) — Energy giant BP PLC will donate proceeds raised by selling oil from the leaking well in the Gulf of Mexico to the National Fish and Wildlife Foundation.

The British energy firm said Tuesday the foundation will use the money on projects that help wildlife along the Gulf Coast. BP is providing an initial $5 million to get the fund running.

BP CEO Tony Hayward said in a written statement that the foundation has a record of finding solutions to America's "toughest conservation challenges."

On Monday, BP captured about 654,000 usable gallons of oil using a containment cap sitting over the leaking well. That oil will eventually be brought to shore, refined and sold.

There's no estimate yet of how much might be raised.