updated 6/21/2010 11:30:12 AM ET 2010-06-21T15:30:12

BP intends to remain one of the biggest London 2012 sponsors despite its problems in the Gulf of Mexico.

BP UK executive Peter Mather said Monday the company has no intention of withdrawing its sponsorship of the London Olympics, a deal valued at about $58 million.

"This is something we've committed to a long time ago and will remain committed to," he said.

The company said it has spent $2 billion responding to the massive ongoing oil spill triggered by an explosion on a BP oil rig April 20. It has come under criticism in the United States for its handling of the spill.

London 2012 organizing committee chairman Sebastian Coe confirmed BP's ongoing involvement.

"The partnership is still really strong," Coe said. "Their track record is one of the best. They understand the movement behind the games."

BP became a London Olympic sponsor in July 2008. The company is also a sponsor of the U.S. Olympic Committee.

The London organizing committee marked the start of the two-year countdown to the start of the 2012 Games by launching a series of sporting and cultural events across Britain.

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