EU/IMO: PARLIAMENT GIVES ITS ASSENT TO RATIFICATION OF NEW IOPCF PROTOCOL.
The European Parliament issued its Assent, at the plenary session on February 12 in Strasbourg, to the signature or ratification by Member States of the new International Protocol establishing an additional International Oil Pollution Compensation Fund (IOPCF). The Protocol multiplies fivefold the upper limit for compensation currently available under the IOPCF, raising it to nearly Euro 1 billion (750 million in Special Drawing Rights - SDRs). It was negotiated in the International Maritime Organisation (IMO) and adopted by the Organisations diplomatic conference on May 16, 2003. The EU Council of Ministers adopted its common position on the text in December 2003, postponing from the end of 2003 to the end of June 2004 the deadline for its ratification, to the regret of the European Commission. Parliaments Assent calls for ratification by June 2004.
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|Title Annotation:||International Oil Pollution Compensation Fund|
|Article Type:||Brief Article|
|Date:||Feb 14, 2004|
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