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Environmental groups condemn Japanese and French banks for financing Sakhalin II oil and gas project in Russia

080617_bnpparibas.jpgEnvironmental organizations today condemned the Japan Bank for International Cooperation (JBIC) and four private banks’ June 16 decision to provide approximately 5.3 billion dollars in financing for the problematic Sakhalin II oil and gas project in the Russian Far East.[1]  JBIC (the Japan government’s official export credit agency), Bank of Tokyo-Mitsubishi UFJ (Japan), Mizuho Corporate Bank Ltd (Japan), Sumitomo Mitsui Bank Corp (Japan) and BNP Paribas (France) have severely violated their environmental policies by financing Sakhalin II, according to the groups. “We are indignant that JBIC and the other Japanese and French banks financed Sakhalin II. We stand in solidarity with Russian and international environmental organizations in condemning our government bank’s decision to finance a project that so severely violates their environmental standards.” said Naomi Kanzaki, Development Finance and Environment Program Director, Friends of the Earth, Japan. Image Source: sakhalin.environment.ru. > Continue.

Message received by Covalence | Country: Russia | Company:  BNP Paribas, Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank, Sumitomo Mitsui Bank Corp | Source: BankTrack

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