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7 Apr 2005 adminSakhalin II gas and oil project: Further Breaches of Equator Principles May 2004 – March 2005
In May 2004, 39 civil society groups, from 15 countries, warned commercial banks of extensive violations of the Equator Principles by the Shell-led Sakhalin II project. This update from 2005 finds that events over the past ten months show a deteriorating situation, constituting further violations.
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The Sakhalin II PSA – a Production ‘Non-Sharing’ Agreement
Platform’s report reveals that revenue distribution for Sakhalin II between the Russian government and Shell’s consortium (SEIC) is set at a grossly unfair level. The contract terms, defined in a 1994 Production Sharing Agreement (PSA), place the Russian state at a significant disadvantage.
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7 May 2004 adminPrincipal Objections: Analysis of Sakhalin II gas & oil project’s compliance with the Equator Principles
Shell’s Sakhalin II integrated oil and gas project fails to comply with the Equator Principles on responsible lending. The project on Sakhalin Island in Russia’s Far East will have severe environmental impacts, including threatening the critically endangered Western Gray Whale with extinction, damaging habitats of endangered bird and fish species, and polluting important fisheries.
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Fighting to keep fossil gas in the ground
This project is part of Platform’s long-term commitment to support environmental justice struggles at the front lines of oil and gas drilling internationally. BP does not carry out fracking in the UK where it is headquartered, because “it would attract the wrong kind of attention”. But BP, Shell and a host of other companies are…
