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City wants oil-spill fund
By Zha Minjie |
February 5, 2010, Friday
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Print Edition
Print Edition
SHANGHAI is bidding to run China's first oil pollution fund to improve the city's maritime safety.
The Shanghai Maritime Safety Administration, together with the city government, have told state transport authorities the city is qualified to run the fund.
"Shanghai has the making of a shipping center to manage the fund," said E Hailiang, chief of vessel management with the China Maritime Safety Administration.
Running the fund will also help the city attract marine-related business, E said.
Increased shipping, including oil tankers, at the city's ports, is putting greater pressure on the marine environment around the city, which plans to be a global shipping center by 2020.
Once an oil spill occurs, the shipping company will be asked to pay for the cleanup and compensation, but in many cases the damage exceeds their insurance, so the new fund will be used to cover the rest of the cost.
According to a revised marine regulation that will come into force by March, companies that import oil via sea will be required to contribute to the fund, the first of its kind in the country, to cover damage.
How the levy will be charged has not been finalized by the state treasury.
But according to a draft, authorities suggested oil companies pay about 0.3 yuan (4 US cents) for each ton of imported oil.
Using last year's figure of 203.8 million tons of oil imported into China, the fund would have collected about 61 million yuan.
The Shanghai Maritime Safety Administration, together with the city government, have told state transport authorities the city is qualified to run the fund.
"Shanghai has the making of a shipping center to manage the fund," said E Hailiang, chief of vessel management with the China Maritime Safety Administration.
Running the fund will also help the city attract marine-related business, E said.
Increased shipping, including oil tankers, at the city's ports, is putting greater pressure on the marine environment around the city, which plans to be a global shipping center by 2020.
Once an oil spill occurs, the shipping company will be asked to pay for the cleanup and compensation, but in many cases the damage exceeds their insurance, so the new fund will be used to cover the rest of the cost.
According to a revised marine regulation that will come into force by March, companies that import oil via sea will be required to contribute to the fund, the first of its kind in the country, to cover damage.
How the levy will be charged has not been finalized by the state treasury.
But according to a draft, authorities suggested oil companies pay about 0.3 yuan (4 US cents) for each ton of imported oil.
Using last year's figure of 203.8 million tons of oil imported into China, the fund would have collected about 61 million yuan.
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