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ConcocoPhilips reaches out-of-court settlement

March 2012

ConocoPhillips and the China National Offshore Oil Corporation have agreed an out-of-court settlement of 1bn yuan ($160m, €120m, £100m) with the Chinese agriculture ministry over water-polluting oil spills. The payout is one of the largest ever agreed for pollution in the country, and is four times the amount actually sought by the 29 fishermen concerned in the proposed lawsuit. The Chinese premier Wen Jiabao had demanded a ‘thorough’ investigation into the leaks at Bohai Bay, jointly owned by the two companies, which resulted in a loss of sea life.

ConocoPhillips | Asia | Conflict resolution

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