ConocoPhillips Washes Away China Oil Spill Claims For $160M

Law360, New York (January 24, 2012, 10:17 PM EST) -- 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...
To view the full article, register now.