French ECA BPI joins other ECAs in support of controversial Yamal LNG arctic project

(ECA Watch, Ottawa, 30 October 2017) French ECA BPI has announced a €350 million guarantee contract with TechnipFMC for the development of the controversial $27 billion Yamal LNG project in Russia's far north. German Japanese, Swedish, Italian and Chinese ECAs have also supported the project. Experts from the Rivers Without Borders Coalition, after studying the Environmental and social impact assessment (ESIA), which was conducted in accordance with Russian law, concluded that the current ESIA does not provide sufficient information, analysis or a comprehensive management plan for addressing the project’s significant impacts on biodiversity, fishing, indigenous peoples, and accidents, a conclusion also reached by WWW Russia in 2015. It is interesting to note that Arnaud Caudoux, Deputy Chief Executive Officer of Bpifrance, is also a member of the Board of TechnipFMC. TechnipFMC hs also requested BPI support for its participation in the $7 billion Coral LNG project in Mozambique.