This handout photo provided by Vasiliy Ryabinin shows oil spill outside Norilsk, 2,900 kilometers (1,800 miles) northeast of Moscow, Russia, Friday, May 29, 2020. Russian authorities have charged Vyacheslav Starostin, the director of an Arctic power plant that leaked 20,000 tons of diesel fuel into the ecologically fragile region on May 29, 2020, with violating environmental regulations. An investigation is ongoing Monday JUne 8, 2020, into the alleged crime, that could bring five years in prison if Starostin is found guilty. (Vasiliy Ryabinin via AP)
MOSCOW (AP) — A Russian metallurgical company said Sunday that it improperly pumped wastewater into the Arctic tundra and that it has suspended the responsible employees.
The statement from Nornickel is the second time in a month the company has been connected to pollution in the ecologically delicate region.
In May, around 21,000 tons of diesel fuel leaked after a reservoir at a Nornickel-operated power plant collapsed; some of the fuel entered a lake that feeds into an arm of the Arctic Sea.
The statement came hours after the independent newspaper Novaya Gazeta reported that water tainted with heavy metals from the tailings at a nickel-processing plant were being pumped into a river.
Nornickel said the water was improperly pumped because of an overflowing sump; it said the water was “clarified” and there is no threat of waste leakage.
Both facilities are near Norilsk, north of the Arctic Circle, 2,900 kilometers (1,800 miles) northeast of Moscow.
This story has been corrected to show that the name of the company is Nornickel, not Norilsk Nickel.
Follow all AP stories about pollution and climate change at https://apnews.com/Climate
5 Oil Stocks That May Not Survive the Current Crisis
What would you think of the long-term prospects of a business that paid you to buy their products? That’s an oversimplification of what occurred to the May futures contract for oil on April 20. The price for that contract sold for a negative price for the first time in history.
The crisis befalling the oil companies at this time can best be described as “only the strongest survive.” There’s just no way the oil companies can possibly handle month after month of rock-bottom oil prices.
The problem is almost comically simple to understand. There is a massively reduced demand for oil as millions of Americans are following mitigation orders ranging from social distancing guidelines to more restrictive shelter in place orders. At the same time, the market is trying to absorb the oversupply of oil that came from Russia and Saudi Arabia.
However, when the year started, things looked like it might be business as usual for oil producers. The U.S. economy was humming along and there was talk that the second half of the year might finally bring the boost to oil prices that many companies badly needed.
However, since the middle of February, the bottom has dropped out of the market in general, and oil prices have been one of the main sectors to feel the impact.
Initially, investors tried to remain optimistic. A month ago, investors thought that the economy might be reopening sooner rather than later. However, the exact timing of the reopening is about as fluid as a barrel of oil. And with it looking more likely that there will be more demand destruction at least through May, there’s very little to prop up the stock of any oil companies.
And that means that, in all likelihood, there will not be room left for some oil companies. We’ve highlighted five oil stocks that have a strong probability of not surviving the chaos surrounding the coronavirus and our nation’s response.
View the "5 Oil Stocks That May Not Survive the Current Crisis".