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ConocoPhillips to set up oil spill clean-up fund
By Richard Fu |
September 7, 2011, Wednesday
|
Online Edition
Online Edition
CONOCOPHILLIPS today said it would establish a fund to deal with costs related to an oil spill in China's Bohai Bay which has drawn strong criticism from the Chinese government.
This fund will be designed to address ConocoPhillips' responsibilities in accordance with relevant laws of China and to benefit the general environment in Bohai Bay, the US oil producer said.
ConocoPhillips said its Chinese subsidiary will work closely with the relevant authorities and CNOOC Ltd, with which it co-ventured into the field, regarding the establishment and operation of the fund.
China has ordered ConocoPhillips to halt operations in the Penglai 19-3 oilfield after the company failed to fully stop the oil leaks that began in June before the August 31 deadline.
"ConocoPhillips deeply regrets these incidents and apologizes for the impact that the incidents have had on the Chinese people and the environment," said James J. Mulva, chairman and chief executive of ConocoPhillips, in a statement.
This fund will be designed to address ConocoPhillips' responsibilities in accordance with relevant laws of China and to benefit the general environment in Bohai Bay, the US oil producer said.
ConocoPhillips said its Chinese subsidiary will work closely with the relevant authorities and CNOOC Ltd, with which it co-ventured into the field, regarding the establishment and operation of the fund.
China has ordered ConocoPhillips to halt operations in the Penglai 19-3 oilfield after the company failed to fully stop the oil leaks that began in June before the August 31 deadline.
"ConocoPhillips deeply regrets these incidents and apologizes for the impact that the incidents have had on the Chinese people and the environment," said James J. Mulva, chairman and chief executive of ConocoPhillips, in a statement.
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