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Contradictory docs for Cairo refinery reveal disdain for transparency by European Bank officials in first major IFI-financed project since revolution started
A $3.7 billion PPP oil refinery expansion in Cairo is accompanied by contradictory project documents, making a mockery of claims by the public banks involved to be committed to “good governance” or democracy. Despite being presented as merely translations of one document, the Arabic and English “versions” are entirely different – with the Arabic markedly…
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The Russian roulette: Rosneft, BP, and the unknowns of Russian politics
TNK-BP, the British giant’s 50% joint venture with a group of Russian oligarchs, was bringing in about quarter of the firm’s production, and a lot of its political problems. BP’s solution: swap its shares in TNK-BP for cash and a near 20% stake in Rosneft, Russian state-owned company run by Igor Sechin, one of Vladimir…
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Russian Roulette – the BP and Rosneft deal
On 22nd October BP plc announced it had agreed heads of terms to sell its 50% stake in TNK-BP to Rosneft. BP’s official announcement of the proposed deal refers to Rosneft’s 2011 oil reserve replacement ratio of 127% and dividend of 25% of IFRS net income. However, there are a number of areas of concern…
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15 Oct 2012 adminBust-up between Aliyev and BP reveals corporate profiteering as Azeri oil peaks
Azerbaijan’s President, Ilham Aliyev, gave a speech last week accusing oil company BP of “false promises” and “gross mistakes”. In a country where regime and corporation are closely intertwined – and almost symbiotic – what is going on behind the political theatre? Why the public outburst? Aliyev revealed that Azerbaijan had lost $8 billion in…
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Shell commences Arctic drilling, US regulator releases ‘skimpy’ permit report
“It’s the first time a drill bit has touched the sea floor in the U.S. Chukchi Sea in more than two decades,” – a Shell spokesperson said as the company announced its “historic” first test well in offshore Alaska. And now is not a good time. Shell’s permit to drill was conditional on the company’s…
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Show us the money – will Dodd Frank force oil companies to reveal payments
Last Wednesday oil and gas lobbyists had a very bad day in the office when new US laws were introduced requiring the extractives sector to publish the payments they make to host governments. Industry groups had been aggressively lobbying to water down the regulations and succeeded in delaying their introduction by 16 months. But last…
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Hold Shell to account for its human rights abuses in Nigeria
Dear friends, Over the past 48 hours, Shell’s active role in human rights abuses in Nigeria has been exposed in a new Platform briefing: Dirty Work: Shell’s Security Spending in Nigeria. The briefing analyses financial data from Shell’s security department, leaked to Platform by a concerned ex-Shell manager. The leaked data covers three bloody years of…
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25 Jun 2012 adminRBS & ECGD offer billions in public money to expand Caspian fossil fuel infrastructure
While the Tory government forces through unpopular cutbacks to the NHS, education and pensions, British public institutions plan to invest hundreds of millions – if not billions – of pounds into new fossil fuel infrastructure on the Caspian. Both the British Export Credit Agency (the ECGD – recently rebranded "UK Export Finance") and the Royal…
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Controversial Cairo PPP refinery receives $3.7 billion from World Bank, EIB, EFG Hermes
A refinery expansion inside urban Cairo is receiving hundreds of dollars in "development" lending, despite a popular campaign against construction. The Mostorod Refinery Project – part-owned by private equity firm Citadel Capital – is situated in Northern Cairo, between Shobra El-Kheima and Mostorod. Opposition to the public-private partnership has focused on forced evictions, pollution and…
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Out in the Cold – new report on Shell’s plans in the Arctic
Shell’s Annual General Meeting tomorrow is unlikely to go calmly. The company’s problems range from anger over excessive executive pay to spills in the Niger delta. At this time, Platform, Greenpeace and FairPensions are putting to scrutiny offshore Arctic exploration as a key direction in the company’s strategy. The new report ‘Out in the Cold…