Author Topic: Two Dutch banking groups involved in North Dakota pipeline stand-off  (Read 390 times)

Offline Palinurus

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Source:  http://www.dutchnews.nl/news/archives/2016/11/ing-abn-amro-urged-to-pull-out-of-controversial-us-pipeline-project/

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ING, ABN Amro urged to pull out of controversial US pipeline project

November 28, 2016

Dutch banks ING and ABN Amro are being urged to end their investment in a controversial oil pipeline project in the US.

The construction has prompted violent clashes between the army and the Standing Rock Sioux Tribe who say construction of the pipeline through northern Dakota could affect its drinking water supply and put communities ‘at risk of contamination by crude oil leaks and spills.’

They also say the pipeline will threaten the environment and destroy Native American burial sites, prayer sites and culturally significant artifacts, CNN reported.

According to fair banking campaign group Eerlijke Bankwijzer (in Dutch), ING has pumped the equivalent of €233m into the project in direct loans. ABN Amro has lent $45m to companies which are involved with the project.

ING said in a statement it is concerned about what is going on and is investigating further. However, withdrawing from the project is not an option legally, news agency ANP (in Dutch) quotes the bank as saying.

ABN Amro points out it is not one of the 17 banks actively funding the pipeline and says it is in ‘continuous contact’ with the companies it has backed. This includes ‘explicitly’ ensuring that its concerns about the project are known, ANP said. 
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Offline Palinurus

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Re: Two Dutch banking groups involved in North Dakota pipeline stand-off
« Reply #1 on: January 25, 2017, 07:30:06 PM »
UPDATE from:  http://www.dutchnews.nl/news/archives/2017/01/ing-abn-amro-under-renewed-pressure-over-dakota-pipeline/

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ING, ABN Amro under renewed pressure over Dakota pipeline

January 25, 2017

Dutch banks ING and ABN Amro are under renewed pressure about their roles in a controversial pipeline in the US, now president Donald Trump has vowed to press ahead with the project, broadcaster NOS (Dutch only) said on Wednesday.

The construction has prompted violent clashes between the army and the Standing Rock Sioux Tribe who say construction of the pipeline through northern Dakota could affect its drinking water supply and put communities ‘at risk of contamination by crude oil leaks and spills.’

ING issued an updated statement on today afternoon saying that it has publicly expressed its concerns about the project.

‘We have signed a contract, which is legally impossible to withdraw from,’ the bank said. ‘What we can do is use our influence wherever possible to bring the process to a satisfactory outcome for all parties involved'.

The lenders to the pipeline have commissioned additional research to be conducted by an external independent human rights expert and will continue to monitor developments closely, ING said.

In addition, the bank says it will meet members of the Standing Rock Sioux Tribe in mid February.

Loans

According to fair banking campaign group Eerlijke Bankwijzer, ING has pumped the equivalent of €233m into the project in direct loans while ABN Amro has lent $45m to companies which are involved with the project.

ABN Amro stressed earlier (Dutch only) that it is not directly funding the project but has a ‘relationship’ with one of the major investors, Energy Transfer Equity.

‘In line with ABN Amro’s policy for sustainable banking, the bank continuously consults with Energy Transfer Equity on developments regarding the Dakota access pipeline, the bank said. 
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Offline Palinurus

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Re: Two Dutch banking groups involved in North Dakota pipeline stand-off
« Reply #2 on: February 02, 2017, 05:48:46 PM »
UPDATE-2 from:  http://www.dutchnews.nl/news/archives/2017/02/abn-amro-warns-its-client-ete-on-dakota-pipeline/

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ABN Amro warns its client ETE about Dakota pipeline solution

February 2, 2017

Dutch bank ABN Amro is prepared to stop financing one of the companies involved in building a controversial pipeline in the US if an acceptable solution to the problem is not found.

The construction has prompted violent clashes between the army and the Standing Rock Sioux Tribe who say running the pipeline through northern Dakota could affect its drinking water supply and put communities ‘at risk of contamination by crude oil leaks and spills.’

ABN Amro it is not directly funding the project but has a ‘relationship’ with one of the major investors, Energy Transfer Equity.

The bank said on Thursday that if a solution is not found ‘the ultimate consequence will be discontinuation of the relationship’. In the meantime, ABN Amro said it will not pursue any new business with ETE until ‘there is clarity regarding the situation and an acceptable outcome has been achieved’.

According to fair banking campaign group Eerlijke Bankwijzer, ABN Amro has lent $45m to ETE, which is one of the pipeline developers.

The group also says ING has pumped the equivalent of €233m into the project in direct loans. ING said last week it has publicly expressed its concerns about the project.

‘We have signed a contract, which it is legally impossible to withdraw from,’ the bank said. ‘What we can do is use our influence wherever possible to bring the process to a satisfactory outcome for all parties involved. 
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Offline Palinurus

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Re: Two Dutch banking groups involved in North Dakota pipeline stand-off
« Reply #3 on: February 16, 2017, 08:50:33 PM »
Source:  http://nltimes.nl/2017/02/16/oil-pipeline-built-ing-bank-headquarters-protest-dakota-pipeline   (three photographs wouldn't load)

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Oil pipeline built at ING bank headquarters to protest Dakota Pipeline

By Janene Pieters on February 16, 2017 - 16:45

On Thursday morning a group of about 20 Greenpeace activists dug room for and planted 15 meters of super heavy pipe sections at the ING headquarters in Amsterdam Zuidoost. They did so to protest against the Dutch bank's part in financing the highly controversial Standing Rock pipeline in Dakota, United States, Het Parool reports (Dutch only).

The oil pipeline is set to be built through the reservation of the Standing Rock Sioux Native American Tribe, in the north of the U.S. End last year the Obama administration withdrew the licenses and permits for the pipeline. But current U.S. president Donald Trump scrapped that decision as one of is first decrees. It therefore seems that the granting of the permits is only a matter of time.

With the huge pipeline built right into the ING headquarters' office, the Greenpeace activists want to show what a massive effect such a pipeline can have on your home. "We're giving them a taste of their own medicine", campaign leader Kim Schoppink said to the newspaper.

The environmental organization is planning to extend their pipeline even further if ING does not change its position.

ING is one of 16 banks that promised a loan to the builders of the Dakota Access pipeline. ING's part is 120 million dollars.

The bank itself is not comfortable with the construction of the pipeline, but is contractually obliged to provide the money once the necessary permits are issued, a spokesperson said to Het Parool. According to him, only after the financing was complete did ING find out about the Stand Rock Sioux' fear about oil spills from the pipeline into a river that feeds into their drinking water. The bank approached the builders on the matter and hopes to be able to exert influence from within. The bank also met with the leaders of the tribe.

"If we knew beforehand we never would've gotten into it", the spokesperson said. "We openly distanced ourselves from this client, we sold our shares in the parent company and reject any new funding requests." But when it comes to the existing loan, ING can not back out. 
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