China set to fine oil leaks

Beijing (CNS) -- Starting July 1, China will start imposing fines on vessels responsible for oil leaks, at 0.3 yuan per ton for permanent oils, revealed the Ministry of Finance (MOF) on Monday.

MOF co-compiled the regulations for oil leak charges with the Ministry of Transport. Permanent oils are defined as crude, fuels, heavy diesel, and lube.

The charges will be collected into a fund under the national treasury for special uses, such as oil leak damage control.

An upper fine limit was set at 30 million yuan (US$ 4.73 million). A special fund management committee operating under inter-ministerial cooperation will be established to deal with the aftermath of leaks and spills.