The US Commodity Futures Trading Commission announced that BP's (British Petroleum) US subsidiaries has agreed to pay $303 million in fines to settle charges that it manipulated propane markets. Moreover, the other US subsidiaries of the multinational company will pay a record $50 million in criminal fines to settle Clean Air Act requirement (passed in 1990 following the explosion at Union Carbide's chemical plant in Bhopal) charges stemming from fire and explosion at its Texas refinery, and $20 million in criminal fines and restitution for violation of the Clean Water Act relating to oil pipeline leaks in Alaska.
Robert A. Malone, BP America chairman and president, said,
"If our approach to process safety and risk management had been more disciplined and comprehensive, this tragedy could have been prevented. We did not provide our people with systems and processes that would have enabled them to appreciate the risk of a catastrophic release from the F20 blowdown stack and understand the danger of placing occupied trailers so close to it. We deeply regret the loss of life, the injuries, and the community disruption caused by the explosion."
Eric Schaeffer, director of the Environmental Integrity Project, said,
"Let's hope these criminal fines wake up BP's management and force the company to clean up its refineries. BP spends a lot of money advertising itself as a 'green' corporation. Some of that money would be better spent protecting BP's workers and neighbors from the company's own pollution,"
Why should Indian regulators and environmental agencies take note of these?
BP holds 71% holdings in Castrol India Limited. It has a 51% joint venture with Tata Group to participate in the Indian solar energy market. It also trades crude oil, bulk chemicals, and petroleum products in India.
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