Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Putin chides Nornickel, orders law change after Arctic fuel spill

share with twitter share with LinkedIn share with facebook
06/05/2020 | 09:36am EDT
FILE PHOTO: The logo of Russia's miner Nornickel is seen at the SPIEF 2017 in St. Petersburg

By Anastasia Teterevleva and Polina Devitt

Russian President Vladimir Putin chided the billionaire boss of Norilsk Nickel on Friday over a huge Arctic fuel spill and ordered changes to the law to try to prevent such a disaster from happening again.

Greenpeace has compared the scale of last week's accident near the northern city of Norilsk, where 21,000 tonnes of diesel poured into rivers and subsoil, to the Exxon Valdez oil spill in 1989.

Putin has declared a state of emergency in the region and complained of what he said was a bungled state response.

In an online meeting, Putin asked officials to amend Russian law to try avoid similar accidents in future and criticised Norilsk Nickel President Vladimir Potanin for not replacing the source of the pollution - a fuel tank - in a timely fashion.

"If you had changed it on time there would not have been this ecological damage and the company would not have had to foot these (clean-up) costs. Study this as closely as possible inside the company," Putin told Potanin during the televised meeting.

Potanin, the largest shareholder in Norilsk Nickel (Nornickel) with a 34.6% stake, said he couldn't estimate any potential fines from the authorities, but the firm would cover clear-up costs set to top 10 billion roubles.

Shares in Nornickel, the world's leading nickel and palladium producer, were up 3% in Moscow after the meeting, having previously been hit by fallout from the disaster.

Putin's spokesman earlier on Friday dismissed the idea of the government ousting Potanin after a Russian lawmaker said he should go following the spill.

Kremlin spokesman Dmitry Peskov told reporters the priority was to clear up the May 29 spill and an investigation would decide if anyone was guilty.

The RBC media portal reported earlier on Friday that a Russian safety watchdog had warned a Nornickel subsidiary in 2017-2018 about violations at the Arctic fuel site.

(Additional reporting by Anastasia Lyrchikova, Vladimir Soldatkin and Darya Korsunskaya; Writing by Polina Devitt and Andrew Osborn; Editing by Kirsten Donovan and Mark Potter)

Stocks mentioned in the article
ChangeLast1st jan.
CHANGE INC. -0.49% 8100 End-of-day quote.178.54%
EXXON MOBIL CORPORATION 0.02% 42.66 Delayed Quote.-38.88%
LONDON BRENT OIL -1.52% 42.17 Delayed Quote.-35.04%
THE NEW HOME COMPANY INC. 6.95% 3.54 Delayed Quote.-28.97%
WORLD CO., LTD. 3.59% 1471 End-of-day quote.-45.34%
WTI -1.45% 39.545 Delayed Quote.-35.40%
share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
05:59pTesla taps brake on massive stock rally
RE
05:33pNew Zealand House Prices Rose in June Despite Pandemic
DJ
05:32pJoe Biden's Search for That Elusive Economic Consensus -- Update
DJ
05:28pAmid pandemic, wealthy U.S. families approved for government loans
RE
05:16pINTERNATIONAL GAME TECHNOLOGY : Nationwide Momentum Increases for New IGT Cobalt 27 Cabinet with VLT Distribution Approval in Louisiana
PU
05:16pNEWS HIGHLIGHTS : Top Global Markets News of the Day
DJ
05:16pNEWS HIGHLIGHTS : Top Company News of the Day
DJ
05:15pNEWS HIGHLIGHTS : Top Global Markets News of the Day
DJ
05:15pNEWS HIGHLIGHTS : Top Company News of the Day
DJ
05:14pCoronavirus Spending Pushes U.S. Budget Deficit Past $3 Trillion for 12 Months Through June -- 2nd Update
DJ
Latest news "Economy & Forex"