Conoco, CNOOC To Pay $266M Over China Oil Spill

Law360, New York (April 27, 2012, 2:55 PM EDT) -- ConocoPhillips Co. and China National Offshore Oil Corp. have agreed to pay 1.68 billion Chinese yuan ($266.5 million) to resolve claims over the environmental impact of a June oil spill in China's Bohai Bay, that country's State Oceanic Administration said Friday.

ConocoPhillips will pay 1.09 billion yuan to settle claims tied to the impact of the Bohai Bay spill on the marine environment and 113 million yuan for environmental initiatives at the bay, the company said in a statement Friday.

Meanwhile, CNOOC will pay 480 million...
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