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CNOOC says environmental fund "no direct link" with ConocoPhillips

(Xinhua)

08:22, December 31, 2011

BEIJING, Dec.30 (Xinhua) -- China National Offshore Oil Corp. (CNOOC) said here Friday that its future marine environmental fund has "no direct link" with the compensation fund launched by its U.S. partner ConocoPhillips following severe oil spills in Bohai Bay.

"The fund is not established for compensation but public welfare," said an unnamed spokesman with the company, adding that fishermen will benefit from the fund.

The oil producer announced Thursday that it has filed an application to the Ministry of Civil Affairs for registration of a marine environmental fund with an initial donation of 500 million yuan (79.37 million U.S. dollars).

"But CNOOC welcomes its partners to donate money to the fund and organize relevant public welfare activities," said CNOOC.

ConocoPhillips, which is responsible for the huge oil spill that polluted over 6,200 square km of water in Bohai Bay since June, announced earlier this month that it has established a fund to provide compensation for the damage.

The two companies said in September they will establish a compensation fund following severe leaks near platforms B and C of the Penglai 19-3 oil field in Bohai Bay.

The CNOOC fund will be spent on projects of marine environmental protection, and scientific research and technology development on the marine eco-system, said the company.

It will also support marine-related international cooperation, as well as some other public welfare projects, said the spokesman.

The company has started initial preparation for the establishment of the fund and gained support from government departments, said CNOOC.

Future operation of the CNOOC fund will be monitored by Ministry of Civil Affairs, and the company will establish a website for public supervision, said the spokesman.

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