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ConocoPhillips sets fund for China oil spill costs

ConocoPhillips sets fund for China oil spill costs

ConocoPhillips says it will set up a fund to cover costs of an oil spill in China's Bohai Bay that has drawn intense criticism from marine authorities and environmentalists.
The company said Wednesday that the fund would be to cover its responsibilities under Chinese law and to "benefit the general environment in Bohai Bay," off China's eastern coast.
It did not say how much money would go into the fund, saying it was still working on the details.
The government ordered ConocoPhillips to halt all production in the affected oil field, Penglai 19-3, pending a full clean-up and review to ensure no more oil seeps into the sea. ConocoPhillips operates the field in a joint venture with state-owned CNOOC.


Updated : 2021-05-14 18:06 GMT+08:00