BEIJING, Jan. 13 -- China's largest oil refiner, Sinopec, said on Monday that it will pay compensation for fatal pipeline explosions at a subsidiary in Qingdao City in east China's Shandong Province last November.

Sinopec said it will pay its share of the compensation, but did not specify the amount. The company added that its production and operation, as well as its financial position have remained stable.

The investigation found there was a lack of responsibility in major hazard inspection and weak emergency response from both pipeline operator Sinopec and local government departments, according to the State Administration of Work Safety.

The blast killed 62 people, injured another 136 and caused a direct economic loss of 751.72 million yuan (about 123 million U.S. dollars), according to a report compiled by a special investigation group set up by the State Council, China's cabinet.