Tuesday, January 24, 2012

ConocoPhillips Reaches Settlement in China Spill

As mentioned in today's class, the June 2011 incidents in the Bohai Bay caused 3,343 barrels of oil spills near platforms operated by Conoco Phillips and owned 51% by CNOOC. This environmental disaster provoked a storm of media protests in China. Since early September, the Chinese government has ordered a complete shutdown of the field. Today, the two companies reached a settlement with China's Ministry of Agriculture, agreeing to pay 1 billion Chinese yuan (roughly $159 million) to settle compensation claims resulting from the spills. Conoco also agreed to set up an additional fund for helping promote environmental sustainability in the area, about $16 million of which will be used to improve fishery resources.

Link to full article here: http://online.wsj.com/article/SB10001424052970203718504577181743807960180.html

Sandy Yao

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