15 December 2005
The EBRD has been subject to a lot of critism for taking steps towards financing this project, based on the EBRDs experience other banks are likely to be extremely cautious when considering whether or not to finance this project.
The European Bank for Reconstruction and Development moved a stage closer to financing the Sakhalin II oil and gas field yesterday with the launch of a public consultation on the controversial Shell-led project.
Environmentalists responded with concern – “Today the EBRD has risked putting its reputation beyond repair by pronouncing that Sakhalin II is fit for purpose even though key aspects of the project are beyond repair,” says Dmitry Lisitsyn, chairman of local NGO Sakhalin Environment Watch.
A press release announcing the launch of the EBRD’s consultations on Sakhalin II Oil and Gas project is now available.
In addition, the following information is available:
– Letters received regarding the Sakhalin project and the responses sent to NGOs, Sakhalin Island residents and other campaigners
– Information about the project and the EBRD’s process for decision-making
– Material on phase 1 of the project, launched in 1996 with EBRD financing