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media advisory
friends of the earth international
27 april, 2006
dutch bank under pressure not to finance
russian oil and gas project
Amsterdam, The Netherlands, 27 April, 2006
– Dutch Banking giant ABN AMRO is under
pressure at its annual general meeting of
shareholders today as environmental
organizations are urging it not to finance a
controversial energy project in Russia.
The Sakhalin-II project in Russia is one
of the biggest oil and gas projects
worldwide, and the environmental
organizations claim that it violates social
and environmental guidelines known as the
'Equator Principles' for financing major
projects.
The Sakhalin-II project, led by oil giant
Shell, will threaten the last 100 critically
endangered western gray whales with
extinction, and will result in severe social
and environmental impacts, according to
Friends of the Earth International, Sakhalin
Environment Watch and Pacific
Environment.
Sakhalin-II, in Russia's Far East, is one
of Shell's most prestigious and risky
projects. The oil giant is doing everything
it can to stick to tight construction
deadlines but the environment and local
populations are already paying the price.
Here are some recent problems:
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Dredging waste was dumped into the
fisheries-rich Aviva Bay. Local fishermen
fear that their livelihood is
threatened.
-
Shell refused to take over most of the
recommendations from the independent
'Whale Advisory Panel' and built a
platform concrete base last summer in the
absence of key mitigation measures to
protect whales.
-
The construction of pipelines has led
to damage to over 100 wild salmon
spawning beds.
Sakhalin-II lacks a comprehensive oil
spill response plan, despite great risks due
to the icy conditions in the area. A
significant oil spill occurred already in
2004 at the port of Kholmsk.
These problems outline a number of
violations of the so-called 'Equator
Principles', of which ABN AMRO is one of the
initiators.
The bank said that it would not finance
projects that do not stick to these
principles. Friends of the Earth
International, Pacific Environment and
Sakhalin Environment Watch therefore expect
ABN AMRO not to finance Sakhalin-II.
"The Sakhalin-II oil and gas project is
causing unacceptable damage to our
environment, weakening our fisheries based
economy, and creating social problems on the
island. Shell violated Russian law. If ABN
AMRO will take part in this adventure, the
bank will definitely loose its face,"
according Alexander Solovev from Sakhalin
Environment Watch.
"Sakhalin-II might result in the
extinction of the last 100 Western gray
whales. ABN AMRO should de-link itself from
extinction" says Doug Norlen from Pacific
Environment.
"ABN AMRO says that it promotes the
Equator Principles. Sakhalin-II clearly
violates these principles, so if ABN AMRO
decides to finance this project, that would
make the principles meaningless and ABN AMRO
would loose its credibility" says Paul de
Clerck of Friends of the Earth
International.
for more information
Paul de Clerck, Friends of the Earth
International, +32-473510147
Alexander Solovev, Sakhalin Environment
Watch, +31-644919778 (valid only until April
28)
Doug Norlen, Pacific Environment,
+31-644919777 (valid until only April 28) or
+1-2024651650
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