Fund established for marine environment

BEIJING - China National Offshore Oil Corp (CNOOC), majority owner of the oilfield that spilled more than 700 barrels of crude oil into Bohai Bay, will set up a nonprofit fund for marine environment and ecological conservation.

The company's major listed arm, CNOOC Ltd, donated the initial 500 million yuan ($79 million) for the fund. In the future, the fund will be raised mainly from CNOOC's subsidiaries, the company said.

"We also welcome our partners to donate on a voluntary basis," it said.