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China National Offshore Oil Corp (CNOOC) said that its future marine environmental fund has "no direct link" with the compensation fund launched by its US 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 that it had filed an application to the Ministry of Civil Affairs for registration of a marine environmental fund with an initial donation of 500 million yuan ($79.4 million, 61 million euros).
Unconventional natural gas has become a global hotspot. It is changing the pattern of the world energy. Shale gas will become one of the three energy resources in the next 20 years. Read More >
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