China Petroleum & Chemical Corp (600028.CN, 00386.HK), or Sinopec, the country’s top oil refiner, has announced that it will compensate for losses caused by a pipeline blast in Qingdao last year that killed 62 people and injured 136, Securities Times reported Monday. The blast is said to have caused direct economic losses of 751.7 million yuan (US$123.2 million). The company will use its production safety funds as well as insurance claims funds to pay for the compensation, according to the report. The government has punished 48 people for the industrial disaster. Fifteen people, who are suspended of crimes, have had their cases transferred to judicial authorities, the report said.
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