July 27, 2005 (Eurasia Daily Monitor) — A staggering USD $10B cost overrun— double initial estimates— plus a delay in the first LNG shipment from the end of 2007 to summer 2008 have significantly reduced the value of Shell's assets on Sakhalin. US, UK and Japanese ECAs are funding major shares of the project.
Index for July 2005
Volume 4, Issue 8
Volume 4, Issue 7
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July 6, 2005 (Source: IRN) — The Merowe/ Hamadab dam is the largest hydropower project that is presently being developed in Africa. The International Rivers Network and Cornerhouse summarize the responses to their report on the Merowe Dam Project in Sudan published in early May 2005 and other recent developments. The main funder of the project is the China Export Import Bank.
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May 19, 2005 (Source: Fondation Camerounaise pour une Action Rationalisée des Femmes sur l'Environnement [FOCARFE], Cameroon) — One year after the Chad-Cameroon Pipeline's opening, numerous claims from affected populations continue to arise. The treatment of pending claims in the villages for non-functioning mills, wells, projects never built, schools incomplete, drugs never supplied, sacred and archeological sites defiled is a damning tale of broken promises by the project funders, which included ECAs COFACE and the US Export Import Bank. This May 2005 Cameroonian NGO report highlights these broken promises. Also read the BIC/CIIR report "Chad's Oil: Miracle or Mirage? Following the Money in Africa's Newest Petro-State," February, 2005.
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July 2, 2005 (Financial Express) — A recent airshow in Paris saw a number of large aircraft orders from India, both from established airlines such as Jet and newer entrants. This has naturally elicited a substantial amount of interest in the area of how aircraft purchases are financed. Longer term aircraft financing typically involves export credit agencies (ECAs), as outlined in this article.
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June 23, 2005 (Source: Le Gouvernement Wallon, Belgium) — The Belgian Government of the Walloon Region has revoked the export license of arms company New Lachaussée to build an ammunition factory in Tanzania; the Belgian ECA Ducroire will not be extending export credit insurance to the deal. In late 2003, Ducroire authorized cover for a USD $8.8M ammunition factory in Tanzania; both international and Belgian NGOs (Pax Christi Flanders and Proyecto Gato) successfully used a petition and phone-call action to oppose its participation in supplying arms to the embattled Great Lakes region of Africa. The project, then blocked, was revived in early 2005. An export license was approved and Ducroire reactivated the insurance. Belgian NGOs (11.11.11, Broederlijk Delen, CNAPD, MIMISA, Pax Christi Flanders, Proyecto Gato, among others) again forced the Belgian Walloon Government to suspend the process. Now the government and the company have decided to give up on this project. Read the original June 23rd Walloon government act suspending the New Lachaussée license. Also read a related March 2004 What's New Item - Arms Deal Blocked.
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June 2005 (Source: Friends of the Earth, UK) — Friends of the Earth UK has again mounted a letter-writing campaign to stop the Ilisu Dam in Turkey. After a successful campaign by NGOs, Balfour Beatty pulled out of the controversial project. However, the German company Siemens has now shown an interest in taking on the project and has bought the Austrian company VA Tech - the only non-Turkish company involved in the project. Also read a related item in last month's What's New.