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The Camisea natural gas project has received financial backing from the Brazilian and Belgian ECAs in addition to the support it receives from the Inter-American Development Bank and the Andean Development Corporation.
"Peru 's Camisea Gas Project is currently the most damaging project in the Amazon Basin. Located in the remote Urubamba Valley in the south-east Peruvian Amazon, the $1.6 billion project includes two pipelines to the Peruvian coast cutting through an Amazon biodiversity hotspot described by scientists as 'the last place on earth' to drill for fossil fuels."
Timpia is one of the communities directly affected by the gas pipeline
Photo Credit: Antoine Bonsorte/Amazon Watch
Important Background Documents
Statement on the Camisea Project November 1, 2002 An open letter to the Inter-American Development
Bank Executive Directors, Export-Import Bank Board of Directors from Amazon
Watch, Bank Information Center, Environmental Defense, Friends of the
Earth, Institute for Policy Studies, Rainforest Action Network
Project: Camisea Gas
Field and Pipeline Project  January 25, 2001; Updated October 8, 2001 Contributed by Eyes on SACE Campaign, Italy
Camisea Natural Gas Project Summary
The Camisea Natural Gas Project consists of a natural gas drilling facility and two pipelines to transport natural gas and liquid natural gas to Lima, Peru. Operation of the project is divided into the “upstream” drilling facility on an area of land known as Block 88 and the “downstream” pipeline. The Pluspetrol leads the “upstream” gas production consortium which includes US Hunt Oil and Korea's SK. The “downstream” pipeline, known as TGP, includes Techint, Pluspetrol, Hunt Oil, SK Corporation, Grana y Montero, and Sonatrach. While the financing of the USD $1.6B project relies mainly on the USD $135M loan from the Inter-American Development Bank and USD $50M from the Andean Development Corporation, ECAs have had a part in its financing as well. The Brazilian ECA, BNDES, provided a USD $109.7M loan to TGP to buy steel tubes from a subsidiary of Techint, the biggest investor in the TGP pipeline. The Belgian ECA, Ducroire-Delcredere, provided the project with investment insurance worth USD $170M. The US Ex-Im bank refused to grant a loan to the project in 2003 but had previously approved a $25M loan to Pluspetrol to buy drilling equipment, denying the equipment would be used on the Camisea pipeline. An expansion of the Camisea project, known as Camisea 2 is set to be constructed on Block 56, adjacent to Block 88 and completed in 2008. The same consortiums of industries have signed on to the project.
The pipeline runs through a stretch of the Amazon Rainforest in the Urubamba Valley, a biologically diverse area which had previously been untouched. This land is home to a number of indigenous peoples who are used to living in seclusion and have now had to give up their land. The people of the Machigeunga tribe are the main proponent of indigenous rights and are currently criticizing the Camisea 2 project for not allowing enough time for its 4,000-page environmental impact assessment to be analyzed.
Amazon Watch Camisea Project Page
US Ex-Im Bank Backs New Oil and Gas Field Development in Peru September 13, 2004
US ECA Ex-Im Bank Under Pressure to Reconsider Peruís Destructive Camisea Gas Project July 20, 2004
Hollywood and Ecologists Unite Against Camisea 2003
US Export-Import Bank Rejects Funding Peru's Controversial Camisea Pipeline 2003
Andean Economic Development Corporation and the Inter-American Development Bank Approve Loans for Peru's Camisea Pipeline Project 2003
For more information, contact the ECA Watch Facilitator.