Bankwatch Mail 32
Publisher: CEE Bankwatch Network
Volume: 7 pages, pdf
Description:
Chronic and severe environmental and social problems on the Sakhalin II oil and gas project are persisting irrespective of the fundamental change in the project’s ownership structure negotiated in recent months. The continuance of these problems shows that the culture of environmental irresponsibility runs deep in Sakhalin Energy Investment Company (SEIC). The withdrawal of the European Bank for Reconstruction and Development (EBRD) from Sakhalin II, coinciding with the Russian government-controlled Gazprom’s takeover of the project, shows that the bank made the right decision – but for the wrong reasons.