Refiners and importers expected to contribute in cleaning up tanker spill

Feb 18, 1997 01:00 AM

Feb. 4, 1997 Domestic refiners may be urged to contribute as much as a 1 billion yen each to cover clean-up costs from the oil spill by a grounded Russian tanker. Japan has ratified an international treaty that mandates refiners pay a share of the expenses for such accidents. Should the damage reach the maximum 23 billion yen, the refiners will be expected to contribute 6 billion yen. Oil importers are also expected to contribute to the clean-up, in proportion to their imports. The clean-up fund will receive some 300 million yen from insurers, via the owners of the ship, if negligence is not shown to have caused the accident. The rest of the clean-up cost will be covered by contributions mandated by the international treaty. The worst case would result in a bill of about 1 billion yen for the Nippon Oil group, equivalent to about 7% of its consolidated net profit for the year through March. Showa Shell Sekiyu would contribute about 500-600 million yen; Mitsubishi Oil 400 million yen; Tonen 350 million yen; and Japan Energy 300 million yen.

Source: not available
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