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Oil for Germany, at any cost

New report on role of German banks in Russian oil sector
Dodgy deals
By Urgewald | Berlin, Germany, Oct 4 2006
Urgewald proudly presents a new study "Oel fuer Deutschland - Koste es was es wolle" (Oil for Germany - at any cost) on the Russian oil industry, environmental destruction and human rights violations it causes and how German banks are involved through their financing of Russian oil companies.

The aim of the study is to raise awareness of these problems - especially with parliamentarians, civil servants and the decision makers in public and private banks - in order to hold them to account for their financing and to promote ecological and social standards for financing in the oil sector.

The study explains the Russian political context, how financing in the oil sector takes place and includes case studies, e.g. the vast oil pollution in the West-Sibirian oil fields, the oil and gas project Sakhalin II and the D6 oil platform in front of the Curonian Spit.

The study evaluates 83 syndicated loans granted by international banks to Russian oil and gas companies over the past 10 years with a total credit volume of more than 60 billion US$. The evaluation shows, that German banks have been involved in more than 80% of the loans.

The study is in German, however it contains a comprehensive table of the 83 granted syndicated loans in English. The table does not only include the German banks that are involved but international banks as well.

Read the report: Oel fuer Deutschland - Koste es was es wolle


Regine Richter

urgewald Website

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