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Oil spill payouts.

Victims of the Prestige oil tanker spill will receive initial compensation payments totalling 15 per cent of their assessed losses, the International Oil Pollution Compensation Fund has said.

The Prestige disgorged millions of gallons of oil when it broke up and sank in November, polluting Spanish and French coasts and shutting down fisheries.

The London-based compensation fund, which is financed largely by taxes on the oil industry, has agreed to pay no more than 171.5 million euros (pounds 130 million) for clean-up and to compensate those affected by the spill.

The fund's deputy director Joe Nichols said the total amount of claims could exceed the amount of money available for compensation.
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Publication:The Birmingham Post (England)
Date:May 10, 2003
Words:112
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