By Billy Youngson
Filed from Aberdeen 3/4/2008 10:17:02 AM GMT
RUSSIA: Sakhalin Energy shelved its bid to grab hundreds of millions of dollars of public financing for the world’s largest integrated oil and gas development. Delays in getting approval have led the Gazprom- and Shell-led venture to withdraw applications with the U.S. Export Import (Ex-Im) Bank and the UK Export Credit Guarantee Department (ECGD).
The U.S. and British lenders have been studying whether the US$22 billion project meets their funding criteria, with environmental groups such as World Wildlife Fund (WWF) highly critical. Sakhalin II, located off Russia’s eastern coast, has been plagued by environmental problems, including threats to the endangered Western Gray Whales, damage to wild salmon spawning grounds, and negative impacts to indigenous and fishing cultures.
Ivan Chernyakhovsky, a spokesman for Sakhalin Energy, said it was important for finance to be in place before the end of construction, with major work targeted for completion before the end of the year. The Japan Bank for International Cooperation and commercial banks are expected to finalise project funding in the first half of this year. Sakhalin Energy, the shareholders of which include Japan’s Mitsui and Mitsubishi, plan to raise at least US$5 billion to fund the development.
Sakhalin Environment Watch Chairman Dmitry Lisitsyn said, “Since its inception over a decade ago, Sakhalin II has committed severe environmental violations of these public banks’ policies. Every day new negative impacts are being seen, including now in Aniva Bay, where project sedimentation is negatively impacting our local scallop fisheries.”
Lisitsyn noted that in 2007 the public European Bank for Reconstruction and Development withdrew its consideration for financing of Sakhalin II in large part because the project could not demonstrate environmental policy compliance. This came soon after Gazprom took control.
The withholding of Ex-Im Bank and ECGD financing for Sakhalin II greatly increases the political, financial and reputational risks of any other bank still considering financing the project, say environmental campaigners. Also, the withholding of financing sends a strong message to oil companies seeking approval and financing for highly risky projects in the Arctic region.
WWF’s James Leaton said, “Shell’s consistent failures on Sakhalin II provide a stark example of why oil companies shouldn’t be allowed into vulnerable Arctic regions such as the U.S. Bristol Bay and Chukchi Sea.”
Copyright © 2008, ODS-Petrodata Inc.
http://www.energycurrent.com/index.php?id=4&storyid=9213
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
MORE DETAILS:
A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
