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China's largest oil refiner Sinopec said yesterday that it will pay compensation for the fatal pipeline explosions at a subsidiary in the eastern city of Qingdao that killed 62 people last November.24小時迷你倉Sinopec said that it will bear the liabilities, according to the investigation results of the State Council and will pay its share of compensation. It did not however specify the amount.The State Council's report showed the blast had caused a direct economic loss of 751.72 million yuan (US$124.43 million). A lack of responsibility in major hazard inspection and weak emergency response from both Sinopec and local government departments were blamed for the accident.Sinopec said it will compensate from its safety production insurance funds, accu迷你倉旺角ulated in the previous years, and commercial insurance claims.The pipeline operator added that its production and operation, as well as its financial position were stable.Altogether 63 people from Sinopec and the local government have been penalized for the fatal pipeline explosion, with 48 of them receiving punishments for violating Party or administrative discipline.Fifteen others have been transferred to judicial organs for alleged crimes.Sinopec said it will bear in mind the lessons from the deadly accident and continue to overhaul safety hazards in its pipeline network to ensure safe operation of its facilities.The company has decided to mark November 22 every year as a warning day to strengthen awareness about safety in production.mini storage