CNOOC applies to create China marine environmental fund
China National Offshore Oil Corp. (CNOOC) said Thursday it has filed an application to the Ministry of Civil Affairs for registration of a marine environmental fund following a string of oil spills at Bohai Bay.
CNOOC Ltd., a subsidiary of CNOOC, will donate 500 million yuan (USD79.37 million) to the fund as its initial capital. Later funding will come from companies affiliated with CNOOC, the oil producer said, adding that its partners are also welcome to donate money to the fund.
The private fund will focus on projects of marine environmental protection, scientific research and technology development, including the establishment of marine wildlife reserves and marine ecosystem restoration, CNOOC said.
The oil producer didn't say whether the fund is the one the company and its partner ConocoPhillips China promised to found following severe oil leaks in the country's northeast Bohai Bay this summer.
The two companies said in September they will establish a compensation fund to pay for the damage caused by the huge oil spill, which has polluted over 6,200 square km of water in Bohai bay since June, an area about nine times the size of Singapore.