Law360, New York (January 24, 2012, 10:17 PM ET) -- ConocoPhillips Co. said Tuesday it will pay around 1 billion renminbi ($160 million) to resolve public and private claims brought by fishermen affected by a June oil spill in Bohai Bay, off the coast of northeastern China.
State-owned China National Offshore Oil Corp., ConocoPhillips' production partner, said ConocoPhillips China Inc. would pay the full $160 million, while CNOOC will set aside a portion of its 250-million-renminbi environmental fund for restoration, environmental monitoring and scientific research in the affected area.
ConocoPhillips said it would contribute an extra...
ConocoPhillips Washes Away China Oil Spill Claims For $160M
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