China: CNOOC to Establish Environmental Protection Foundation

China: CNOOC to Establish Environmental Protection Foundation

China National Offshore Oil Corporation(“CNOOC”), has submitted a registration application to Ministry of Civil Affairs of the People’s Republic of China for establishment of “CNOOC Marine Environmental and Ecological Protection Public Welfare Foundation” (“The Foundation”). The Foundation was launched by CNOOC and contributed by the CNOOC Limited with RMB500 million as initial capital. The Board of Directors has approved the contribution plan for the Foundation.

CNOOC’s Foundation will focus primarily on marine environmental and ecological protection as well as related scientific research and technology advancement and other charitable public welfare projects. Upon the approval on the registration, the Foundation will prioritize the work on marine environmental protection and comprehensive treatment.

Mr. Li, Fanrong, the Company’s Chief Executive Officer commented, “as a company engaged in oil and gas exploration, development and production mainly in offshore China, we have always emphasized on marine environment and ecological protection and been proactively performing our social responsibilities. The oil spill incident has reminded us that safety and environmental protection risk always exists. The entire society should care more about the efforts made on the marine environmental protection and ecological restoration, and we would like to make our own dedication.”

Offshore Energy Today Staff, December 29, 2011;

 

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