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July 2004
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"What's New!" is
a periodic update to keep you informed of the latest uploads onto
the ECA-Watch website. What's New! features a wide range of materials
related to the reform of Export Credit Agencies (ECAs) including
NGO publications and releases, news articles, commentaries and announcements
about the policies and practices of ECAs and ECA-financed projects
world-wide. If you would like to be added onto the recipients list
for "What's New!", simply sign up from the website, www.eca-watch.org
today!
Questions?
Email info@eca-watch.org
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Items:
1)
Whistleblowers Reveal BTC Pipeline Construction Failures
2)
Banks Advised Not to Buy Environmentally Damaging China Bonds
3)
NGO Discussion Paper on Human Rights Impacts of Trade and Project
Finance
4)
Finnish ECAs Violate Environmental Policy
5)
Belgian ECA Bans Backing of Projects in Endangered Forests
6)
Ex-Im Bank's Updated Environmental Policy
7)
Endless Daylight, Ongoing Disaster at Shell's Bonny Island LNG Plant
8)
Large Dam in India 's North-East May Get ECA Financing
9)
InterOil Enters Stock Market as its OPIC-backed Papua New Guinea
Refinery Draws “First Oil”
10)
Lukoil Beings Operation at OPIC-backed Oil Export Terminal in Vysotsk
11)
Russian ECA Puts $1 Billion USD into Asian Nukes
12)
Venezuelan State Oil Producer Says OPIC Expropriation Ruling on
CIA/Pentagon-Linked Firm Was Politically Motivated
1)
Whistleblowers
Reveal BTC Pipeline Construction Failures
June
26, 2004 – According to “The Independent,” The safety of a controversial
oil pipeline being built by one of Britain 's largest companies
has been jeopardized by cost-cutting, incompetence and shoddy workmanship
by contractors, whistleblowers have reported. The project
ran into opposition from civil rights and environmental groups when
pipeline backers sought funding from public bodies such as the World
Bank and the UK 's Export Credit Guarantee Department (ECGD).
Meanwhile,
June 15, 2004, the UK parliament's Select Committee on Trade and
Industry published a report on the "Work
of the ECGD" . UK-based groups including Corner House,
the Baku Ceyhan Campaign, WWF, Campaign Against Arms Trade, BASIC
and FOE gave evidence. Click
here for PDF version.
2)
Banks
Advised Not to Sell Environmentally Damaging China Bonds
July
19, 2004 - Two financial institutions in China are trying to raise
$2 billion through international bond issues. The institutions have
a track record of financing destructive dam projects such as the
Three Gorges Dam in China and around the world. International Rivers
Network and Friends of the Earth have called on private banks not
to participate in these bond issues. Read
the press release and a
background document with project case studies (PDF).
3)
NGO Discussion Paper
and Final Report on Human Rights Impacts of Trade and Project Finance
May
3-4, 2004 – The Halifax Initiative's NGO Working Group on the EDC
has released a discussion
paper and final
report on the ways human rights can be mainstreamed into trade
and project finance (with a particular focus on ECAs, the IFC and
MIGA. The final report provides an overview of discussions and conclusions
at a May 2004 multistakeholder meeting of experts including development,
environment, gender, human rights, labour groups, academics, assessment
practitioners, and government, including the EDC.
4)
Finnish
ECAs Violate Environmental Policy
June
28, 2004 – The Finnish ECA Reform Campaign, based in Helsinki, reports
that its country's ECAs violates government environmental policy,
citing the development policy program adopted by the Finnish government
in February 2004.
5)
Belgian Government
Advances Forest Protections
into ECA Policy
June
16, 2004 - According to the Belgian NGO, Projecto Gato, a new Belgian
federal government announced that it will not award export credits,
risk insurance and investment insurance to projects in endangered
forests. The policy now covers the Belgian ECA Ducroire
. Source: Jan Cappelle, Proyecto
Gato.
6)
Ex-Im
Bank's Updated Environmental Policy
July
2, 2004 - The BNA reports that the US Export-Import Bank's board
of directors approved new environmental guidelines July 1 for the
evaluation of large infrastructure projects, after several changes
were made to proposed draft guidelines that had been criticized
by environmental groups for lowering the bank's standards.
7)
Endless Days,
Ongoing Disaster at Shell's Bonny Island Plant
July
13, 2004 – The NRC-Handelsblad (Dutch Newspaper) reports
that the Bonny Island chemical complex of NLNG (Nigeria Liquid Natural
Gas), built at the initiative of Shell and co-financed by the Dutch
export credit agency Gerling NCM, could have been a model project.
Instead it has created a nightmare of pollution for the island.
8)
Large
Dam in India's North East May Get ECA Financing
June
19, 2004 - The Financial Express reports that India's National
Hydroelectric Power Corporation (NHPC) is planning to raise $200-240
million USD from the international markets through export credit
agencies (ECAs) for part funding for developing the 2000 MW Lower
Subansiri hydropower project in the Indian state of Arunachal Pradesh.
NHPC will discuss the project with ECAs in the US , in Austria ,
France , Germany and Japan . The Lower Subansiri region is
a hotspot of biodiversity. The indigenous affected communities are
opposing the project.
9)
InterOil
Enters Stock Market as its OPIC-backed Papua New Guinea Refinery
Draws “First Oil”
July
14, 2004 – Papua New Guinea 's “The National” reports that an OPIC-backed
refinery's Canadian parent company InterOil has entered the stock
market, an event which “coincides with [the] ‘first oil' into the
company's Napa Napa refinery," according to InterOil's chief
executive. InterOil has also just received the final installment
of the 85 million USD financing for the construction of its Napa
Napa refinery provided by the Overseas Private Investment Corporation
(OPIC).
10)
Lukoil
Puts in Operation OPIC-backed Oil Export Terminal in Vysotsk
June
16, 2004 – GatewayToRussia.com reports that the oil giant Lukoil
has put into operation its LUKOIL-II export terminal in Vysotsk.
US OPIC provided the coverage for a 130 million USD loan to finance
the project, which began in 2002.
11)
Russian
ECA Puts $1 Billion USD into Asian Nukes
July
16, 2004 - The Russian Cabinet of Ministers has approved several
export credits, with a total amount of nearly $1 billion USD, for
construction of new nuclear reactors abroad, according to Ecodefense.
The largest credit will be issued for China : $401 million USD in
2004 and $68 million USD in 2005.
12)
Venezuelan
State Oil Producer Says OPIC Expropriation Ruling on CIA/Pentagon-Linked
Firm was politically Motivated
July
15, 2004 – According to VenezuelanAnalysis.com, the Venezuelan government
is not reacting well to news that OPIC has ruled that the Venezuelan
state oil company PDVSA "expropriated" assets belonging
to Science Applications International Corporation, a firm based
in San Diego, California, which is reportedly linked to the CIA
and Pentagon. Ali Rodrigues, President of Venezuala's state oil
firm PDVSA, said, "We have every reason to believe that OPIC's
decision was based on prevailing politics in Washington, and the
desire to satisfy a politically powerful U.S. company, rather than
on the facts.” The US Government is a strong critic of Venezuelan
President Hugo Chavez.
View
Back Issues of What's New:
June,
2004
April-May
2004
March
2004
January-February
2004
December
11, 2003
November
5, 2003
September
15, 2003
May
18, 2003
April
11, 2003
March
17, 2003
February
20, 2003
February
7, 2003
January
24, 2003
December
17, 2002
November
22, 2002
October
29, 2002
October
23, 2002
September
30, 2002
September 12, 2002
August
26, 2002
July
19, 2002
July
08, 2002
June
14, 2002
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