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Oil Spills China

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September 7, 2011 | Jonathan Kaiman
Shares of China National Offshore Oil Corp. have taken a hit as the fallout from a pair of June oil spills continues to weigh heavily on the company's performance. By Tuesday's close in Hong Kong, the state-owned oil giant's stock was down more than 10% since the start of the week. The decline comes amid growing criticism about the handling of oil spills in China's northeastern Bohai Sea by CNOOC's partner, ConocoPhillips. The U.S. oil company operated two platforms in an offshore oil field named Penglai 19-3, where an estimated 3,200 barrels of crude oil and drilling fluids were released into the sea in early June.
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