BP agrees to pay $50M for Texas refinery penalties

WASHINGTON (AP) -- Beleaguered oil giant BP has agreed to pay a record $50 million fine for failing to correct safety hazards at its Texas City oil refinery after a 2005 explosion killed 15 workers.

The Occupational Safety and Health Administration says it is still working to collect another $30 million for other penalties that the company is contesting.

The fine pales in comparison to the billions BP is committed to paying out for damage caused by the massive oil spill at its well in the Gulf of Mexico. But it is the largest penalty issued in OSHA's history.

The agency initially had proposed $87 million in penalties last October, but reduced it to $80 million.