CEE Bankwatch Network has worked with an external consultancy to conduct a rigorous analysis of the energy portfolio of the European Investment Bank from 2002 until the end of 2008. This was done in the context of the EU's climate and energy targets. As the EU's bank, the EIB is supposed to promote European objectives.
The West African gas pipeline (WAGP) is a 681 kilometre onshore and offshore pipeline designed to transport natural gas from gas fields in the western Niger Delta of Nigeria to consumers in Benin Republic, Ghana and Togo.
The European Investment Bank has supported the development of two large onshore oil deposits located in the southern Apennine mountains of the Val d'Agri area in southern Italy. The EIB has also supported the construction of a new 150 kilometre pipeline from the“Monti Alpi” oil storage plant to the coastal city of Taranto.
The Chad-Cameroon oil development and pipeline project is the largest private sector investment in sub-Saharan Africa. The project's total cost is 4.2 billion dollars and is lead by ExxonMobil. It involves the development of 300 wells in Chad, with an estimated extraction of approximately one billion barrels of oil over twenty-five years. The oil is to be transported via a newly constructed 1040 kilometre underground pipeline bypassing Cameroon to an offshore loading facility.
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And watch the video explaining Bankwatch's new report on the EIB's energy portfolio here.
