This link has been bookmarked by 3 people . It was first bookmarked on 04 Jul 2008, by Arabica Robusta.
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04 Apr 12
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Project ownership is comprised of a three-company oil consortium (Exxon/Mobil 40%, Petronas Malaysia 35% and Chevron 25%) and the governments of Chad and Cameroon, which hold a combined 3% stake in the pipeline portion of the project.
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the World Bank's Board of Directors gave the final approval for its loan to the Chadian and Cameroonian governments.
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Many environmental and human rights international NGOs and activists opposed the Bank's approval.
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Their reasons included Chad's poor human rights record and environmentalists' concerns that proper legal and technical environmental safeguards did not exist in Chad, thus exonerating the oil consortium from any future liability or accountability with respect to its operations
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two governments' loan request
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World Bank required the oil consortium to prepare a comprehensive environmental assessment (EA) and risk management plans.
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The development of Chad's oil reserves is predicated on the goal that the revenues will be used to reduce poverty in Chad by investing in education, health and other basic infrastructure projects
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Critics fear that little of the income will reach the poorest populations, much will be lost through incompetence and corruption and that a large part will finance military and political interests under the guise of national interest.
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The President justified this action by stating that "development must be protected."
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04 Jul 08
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