Here is where we list news and information on Petrofund topics.
The Petrofund Board has set the following dates for their regular meetings in 2014: January 8, March 12, May 14, July 9, September 10, and November 12. Board meetings are held at 10:00 a.m. in Lower Level Room 35 of the Golden Rule Building, 85 7th Place East, St. Paul, MN 55101. The lower level of the building is not accessible to the public, so attendees must go to the Department of Commerce front desk on the fifth floor for an escort to the meeting room.
The Petrofund Board and the Department of Commerce finalized settlement agreements with Chevron, Exxon Mobil, and ConocoPhillips totaling $7.425 million to be returned to the Petrofund. The settlement agreements are part of a 15-month investigation looking into the companies’ dealings with Minnesota’s Petrofund. The Commerce Department became aware of possible agreements between the companies and their insurers and initiated an investigation to determine whether or not any of the costs reimbursed to the oil companies by the Petrofund were also payable under applicable insurance policies. The investigation revealed alleged misrepresentations related to the insurance coverage on the applications to the Minnesota Petrofund. The Petrofund requires applicants to disclose whether insurance policies exist, and to what extent the policy can cover environmental damages involving underground storage tank sites before seeking state funds. In certain situations, the investigation alleged that the companies had obtained insurance payments from settlements with carriers for the costs to clean up the same sites for which the Petrofund Board had provided reimbursement. The Petrofund provides reimbursement to eligible applicants to help cover a portion of their costs to investigate and clean up contamination from leaking petroleum storage tanks. In this case, the State asserted that Chevron, Exxon Mobil, and ConocoPhillips failed to disclose the fact they had insurance policies to cover the clean-up. The companies voluntarily engaged in negotiations with the Department resulting in the settlement agreements.