Ethical Corporation Magazine (London): Sakhalin seeks new finance support
Peter Davis, Politics Editor
6 Apr 08
Sakhalin Energy has withdrawn its applications for support from the US Export Import Bank and the UK Export Credits Guarantee Department. The company had been seeking backing for $22 billion worth of funding for the next stage of the Sakhalin II project.
According to the company, the application was withdrawn because Ex-Im and ECGD, both national export credit agencies, were not going to be able to provide a decision swiftly enough. However, it seems that the environmental issues that have dogged the project almost since its inception are behind the development.
Both Ex-Im and ECGD have environmental criteria that the project may have failed to meet. In 2007 the European Bank for Reconstruction and Development decided not to back Sakhalin II in large part because the project could not demonstrate compliance with the bank’s environmental policy.
According to Sakhalin Energy, the Japan Bank for International Cooperation and commercial banks are expected to finalise project funding in the first half of this year. However, commercial banks too are likely to find themselves under pressure to apply the tightest criteria to any funding to the project.
http://www.ethicalcorp.com/content.asp?ContentID=5809
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