Filed from Aberdeen
1/30/2008 6:12:18 PM GMT
RUSSIA: Nineteen local and international environmental organizations have called on Sir Fred Goodwin, CEO of Royal Bank of Scotland (RBS), to recall a controversial US$1 billion loan by ABN AMRO for the Russian energy giant Gazprom’s purchase of a controlling share of the enormous Sakhalin II oil and gas project in Russia.
Sakhalin II has caused many severe environmental problems and violates the Equator Principles, to which RBS has signed, claim the Pacific Environment organisation. The groups have also requested to meet with Goodwin. RBS leads a consortium of banks that purchased ABN AMRO in 2007.