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
Alexander's Commentary

Change of face - change of phase

In the period of July 20 till August 3, 2015, Alexander will be out of the office and the site will not or only irreg

read more ...
« November 2020 »
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29

Register to announce Your Event

View All Events