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Financial In Market Dressed in green slickers and white face masks, Spanish navy staff members and civilian workers scooped up glistening pools of viscous black oil that coated the pale yellow sands of Barra n beach. The mess was part of a vast, foul-smelling trail left by the aging tanker Prestige, which sank 133 miles off the Atlantic coast of Spain on Tuesday.

Oriental Trading The environment minister, Jaume Matas, on his first visit to the region since the crisis began a week ago, stared solemnly at the scene, fingering a lump of tarred sand under the gaze of photographers and television crews.

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Financial Forex Forex Software With several more slicks containing an estimated 8,000 tons of fuel still threatening the rich fishing grounds and picturesque coast of Galicia, it was too early to assess the damage, Mr. Matas said.

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Trading But he put the cost of the cleanup at $42 million, saying the toxic tide had affected more than 180 miles of coastline, including 25 miles of beaches and marshland.

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Trading Financial System The European Union will put $117 million into the cleanup, while the International Organization for Pollution Compensation Fund has set aside up to $180 million, including as much as $25 million from the London Property and Indemnity Club, the ship's liability insurers.

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Day Trading If the owners of the Prestige are found to be negligent, they may be liable for much more. But it can be difficult to recover such rewards, though in this case the companies with an ownership interest in the tanker say they are willing to assist.

Forex Financial Trading The The Prestige flies the flag of the Bahamas, which sent inspectors to Galicia to investigate the wreck. Owned by the Liberian-registered Mare Shipping, the tanker was managed by the Athens-based Universe Maritime, and chartered by Crown Resources, a Russian oil-trading company based in Switzerland.

Fortune Make Option Trading The London Club, Universe Maritime and Galician fishermen have questioned the government's decision to order the tanker out to sea last week when it began leaking 31 miles offshore, rather than bringing it into port to unload its cargo.

Science Of Financial Market "One thing we are concerned about," said Paul Hinton, the chief executive of A. Bilbrough & Company., which manages the London Club's insurance program, "is why was the ship towed out to sea and not given immediate refuge?"

Future Trading Mr. Matas defended the decision, saying that the government acted swiftly and properly to avert a greater catastrophe. But he said that the accident underlined the need to tighten maritime safety rules and widen the gap between shipping corridors and vulnerable coastlines. The European Union is set to ban aging, single-hulled ships like the Prestige from its waters by 2005.

Financial Sales Services The minister said the cleanup, which has recovered 240 tons of fuel oil on shore and at sea, should be finished within six months, barring unforeseen developments.

Commodity Trading Rainbows gleaming in the spray whipped up by the wind as waves crashed against the shore prove that the work is far from done.

Financial Services Trading All eyes in Galicia are on the slicks left by the Prestige. One was two miles offshore this afternoon but reported moving closer to the coast, where it threatened a vast mussel industry. Two others were 40 miles out, while the 50-mile stain marking the ship's route to its final resting place was more than 100 miles offshore.

Online Forex Trading Winds of 60 miles an hour threatened to push the oil closer to shore. It cannot be dispersed by detergents, and must be skimmed off the water by specially equipped boats. Stormy weather this afternoon forced the suspension of the cleanup operation.

Financial Portfolio Trade Experts are still divided over the fate of the remaining cargo of at least 65,000 tons of fuel oil.

Sierra Trading Post Government officials say they are confident that it will congeal and settle safely on the seabed, nearly 12,000 feet deep. But Carlos del Almo, a regional-government environmental spokesman who accompanied Mr. Matas on his visit, was not as sanguine. "The technicians have told us we must wait and see how this oil behaves," he said.

Trading Financial Future Experts from Oil Spill Recovery Ltd., a nonprofit organization owned by oil companies, said that the damage at Barra n beach was under control but that in other less accessible areas, geography could hamper cleanup efforts.

Forex Trading Software In Punta Roncudo, beyond the fishing village of Corme about 20 miles from Barra n as the crow flies but an hour by car fierce winds lashed the tar-coated rocks.

Trading Post Francisco Gmez, an octopus hunter from Corme, said he was not hopeful. "You can dump something 80 miles offshore, but the currents always bring everything back to this coast," Mr. G mez said gloomily. "We are sure all the slicks will hit us."

Trading System By Emma Daly
New York Times - 11/21/2002

Topic: Petroleum Industry

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