The plea deal also sentences the oil giant to three years probation. The deadly explosion at BP's Texas City refinery, about 40 miles southeast of Houston, also injured more than 170 people.
Many blast victims objected to the plea deal, believing the fine was too low and that BP would not meet its safety obligations at the refinery.
U.S. District Judge Lee Rosenthal's decision during a court hearing Thursday came after a protracted process in which blast victims unsuccessfully appealed to the U.S. Supreme Court.
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