Jan 23, 2017

Groups call for EBRD to reject an oil and gas project in Turkmenistan

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Crude Accountability and civil society groups around the world are calling on the Directors of the European Bank for Reconstruction and Development (EBRD) to reject financing for an oil and gas project in Turkmenistan. The $30 million loan to Circle Maritime Invest (CMI) for the CMI Offshore project has raised concerns regarding environmental impacts on a RAMSAR Protected Area wetland. The project would also mean a break from the EBRD’s “calibrated approach” policy, which has excluded financing for the oil and gas sector in Turkmenistan due to poor governance and significant human rights concerns. The groups cite egregious human rights violations, corruption, and lack of transparency. The project will be reviewed by the Board 22 March 2017. Read the letter here: Open Letter to EBRD EDs on CMI Offshore.