EBRD refused to allocate a loan to a company operating on the Caspian’s Turkmen shelf

According to the environmental organization Crude Accountability , which deals with environmental monitoring of the Caspian Sea, the European Bank for Reconstruction and Development (EBRD) has canceled the issuance of a loan to CMI Offshore, a private company for the purchase of maritime transport for projects in Turkmenistan.

CMI Offshore tried to get a loan from the EBRD in the amount of $ 21 million for the purchase of several ships to work on oil projects in the Caspian Sea. As stated in the company's application, CMI Offshore does not directly participate in the exploration and production of oil and gas and transports only minor amounts of hydrocarbons and other environmentally hazardous substances. In addition, the company's objectives include, among other things, support for work on the elimination of emergency oil spills.

Crude Accountability, in turn, opposed the provision of a CMI Offshore loan. According to environmentalists, the ships of the company engaged in servicing oil platforms pose a danger to the Khazar State Reserve, through whose territory the ship's routes pass. The reserve is protected by the Ramsar Convention (Convention on Wetlands of International Importance, mainly as habitats of waterfowl).

Crude Accountability insisted that before issuing a loan, the EBRD, according to its own rules, was obliged to conduct a study and study the possible social and environmental risks of the project.

In addition, as Sonya Zilberman , South Caspian Coordinator for Energy and the Environment Crude Accountability, said : It's terrible that the EBRD, a development bank with a clear mandate to promote democracy and pluralism, is considering investing in the hydrocarbon sector of Turkmenistan, where there is freedom of association, expression and meetings are practically non-existent. Oil money simply disappears in the personal pockets of President Berdymukhammedov. Turkmenistan has the fourth largest gas reserves in the world, and most of the country does not even have access to gas heating in the winter. Such loans do not benefit the Turkmen people or the country's environment; they only contribute to corruption and human rights violations. " (Translation of Gundogar)

On February 7, it became known that the EBRD canceled the financing of the project.

Recall that in August 2018, President of Turkmenistan Gurbanguly Berdimuhamedov instructed the deputy prime ministers to work more closely in the ecology of the Caspian Sea.

"Now one of the priorities of cooperation in the Caspian is the environment, with which the issues of climate change and biodiversity conservation are closely interlinked," the head of state said.

Source: Chronicles of Turkmenistan