EBRD urged by WWF to not fund controversial Sakhalin project

(EDIE, UK, 13 September 2006) The European Bank for Reconstruction and Development should not give the controversial Sakhalin oil and gas project its blessing - or its cash - according to the WWF. The Shell-led project has applied for a loan of around £500 million from the EBRD to help fund the project. WWF claims the controversial project has already breached a number of the bank's policies and should therefore be refused the loan. Several ECAs are awaiting an EBRD decision on Sakhalin prior to making their own commitments, although Sakhalin's lack of compliance with the OECD's Common Approaches risks making the current review of these standards appear a rather hollow process.