Environmental activity of the LUKOIL Company in Komi
Publisher: CEE Bankwatch Network
Volume: 3 pages, pdf
Description:
In May 2007 the LUKOIL Company signed a USD 300 million loan contract with the European Bank of Reconstruction and Development (EBRD) and other multilateral banks to finance an environmental security scheme of the LUKOIL group subsidiaries. The borrowed funds were supposed to be used for implementing environmental projects by a number of company divisions including LUKOIL Komi LLC. The loan is believed to help decrease the volume of associated gas, reduce water consumption and pollutant content in sewage, arrange waste management and reconstruct industrial pipelines. We were unable to find information about the implementation of any environmental projects by LUKOIL-Komi LLC in the territory of Komi Republic using the EBRD’s credit tranche. However, over the last two years the Save Pechora Committee in Komi Republic, where LUKOIL appears to be the largest oil producer, quite often comes across violations which throw serious doubt on the environmental and social friendliness of this oil company.